Crescent School, an all-boys private school in Toronto, purchased the Rumball Centre on May 26 for approximately $42 million.
This purchase comes after a donation of $12 million from alumni Ming Wai Lau, a Hong Kong–based philanthropist and businessman.
“The Rumball Centre property unleashes the enormous potential for Crescent School,” said Lau in a press release. “It opens unimagined opportunities for future generations of students who I hope will benefit from the school in similar ways that I have.”
The rest of the cost will be subsidized with other donations and financing.
The school plans to pay off the financing, describing it as similar to a mortgage, in 20 years.
“The acquisition of the Bob Rumball Centre property is a once-in-a-lifetime opportunity that will forever shape the future of Crescent School,” said Michael Fellin, Crescent School headmaster.
The Bob Rumball Centre is the current site of the Bob Rumball Canadian Centre of Excellence for the Deaf and sits on a seven-acre property beside Crescent School.
Fellin said he is excited for the school’s future and grateful for the relationship with the school’s neighbours at the Bob Rumball Centre.
“We’re really grateful for the relationship that we have with our neighbours at the Rumball Centre and what this means for them and equally for our school and what it means for the legacy of our school and community.”
The acquisition outlined that the Bob Rumball Centre would remain on the property for three to five years while relocating its facilities and residents.
Derek Rumball, the president of the Bob Rumball Centre, said the centre has outgrown the space and that they are very happy that Crescent School was successful in acquiring the property.
“Crescent School’s motive is to educate young men and make them better men. It’s a perfect match for us. Their philosophies and their programs line up very well with our organization.”