Here’s the latest on Quest University’s situation
The Squamish-based institution said earlier this week it would indefinitely suspend academic programming after April.
Less than 24 hours after announcing it would be closing indefinitely with the end of the academic year in April, Quest University is up for sale.
“Operating university with extensive development potential,” says the flyer from NAI Commercial Associate Vice President Marshall MacLeod.
MacLeod said the asking price is confidential and subject to a non-disclosure agreement for a serious bidder.
The BC Assessment Authority valued the land at $15.08 million and the buildings at $54.168 million in 2022, for a total of $69.256 million.
The campus and sportsplex occupies 23 of approximately 55 acres.
“Currently, a single title (Lot 1) after subdivision of the remaining land will provide an estimated 38 acres of gross development land for a range of identified uses including market and non-market housing, commercial development, university use, public elementary school and park dedication,” the NAI states -Promotional flyers.
MacLeod said the sale had been in the works for a while. The underlying information for the digital flyer stated that it was originally created on October 5, 2022.
Primacorp Ventures Inc. paid $43 million for the land and campus buildings to protect Quest University from creditors out of court in December 2020. Quest filed for protection in January this year after its largest lender, the Vanchorverve Foundation, requested $23.4 million in repayment. Vanchorverve is one of dozens of charities registered by Vancouver attorney Blake Bromley.
Primacorp recently terminated its agreement to provide full student recruitment, marketing and fundraising services to keep Quest running.
Quest said Thursday it plans to restructure its finances and operations, but didn’t give an estimated timeline. Quest said it was seeking additional funding to continue beyond April, but “the board concluded it had no choice but to make the responsible decision that is before it at this time.”
“The board’s first priority is to protect our current and prospective students,” the statement said. “She is unwilling to continue offering our innovative program unless the university can confidently conduct the entire 2023-24 academic year.”
Primacorp, chaired by Peter Chung, bills itself as Canada’s largest provider of private post-secondary education with 15,000 annual enrollments and operations in senior housing, commercial real estate and self-storage in Canada and the US. Interview requests for Chung have not been fulfilled.
Quest President Art Coren has not responded to repeated requests for interviews. It is understood that layoffs are already underway. Coren told The Squamish Chief on Friday February 24 that the school would be reaching out to stakeholders and donors to find a way to resume classes and programs.
In November 2020, then-Squamish Mayor Karen Elliott expressed “serious concern” about the Primacorp acquisition.
In her forward-looking statement, Elliott said the deal with for-profit Primacorp has “created an uphill runway that will make it harder for it to be profitable.”
By 2022, more than 1,000 students had graduated from Quest. It had an estimated 200 students to begin this year. The Quest website states that Canadians will be charged $23,000 and non-Canadians will be charged $38,000 for annual tuition. Lodging, meals, travel and other fees are estimated at $15,000.
BC’s Department of Post-Secondary Education and Future Skills said Friday it will make students sane if Quest University doesn’t, after Squamish University announced a day earlier it would close indefinitely if its academic year ends in April.
The private liberal arts and science university, which opened in 2007, receives no funding from the ministry, but the province’s role is to ensure program quality and student protection.
“The Department maintains a financial guarantee from Quest University to ensure tuition reimbursement if necessary,” said a statement from Secretary Selina Robinson’s representative.
Financial security ensures students who paid for education they did not receive receive a refund. Quest promised refunds will be made and students who don’t graduate in April will be given one-on-one counseling to transfer elsewhere.
“The Ministry will be available to support students as this transition continues.”
Meanwhile, in a statement of its own, District of Squamish said it was “sad and disappointed” by Quest’s decision. The district admitted that it had been secretly briefed by the board and knew the university was in dire straits.
Since a June 2000 memorandum of understanding, the district has waived property taxes on the university and spent $5 million on community service infrastructure.
With a file from Steven Chua.