UPEI will soon have its fourth residence on campus.

More details on a new 260-bed building that will bring the capacity of university housing from 9.4 per cent of the student body to 15 per cent were announced at UPEI on Friday.

The $60 million infrastructure project is expected to be done by 2022 and complete UPEI's transition to a temporary athletes' village for the 2023 Canada Winter Games.

Following the games the residence will provide year-round housing for post-secondary students.

"The needs for housing in Prince Edward Island today are challenging, and so I know the university has been dealing with that as well," said Premier Dennis King.

UPEI president, Alaa Abd-El Aziz, left, UPEI Student Union president Emma Drake and P.E.I. Premier Dennis King hold a rendition of the new 260-bed student residence at UPEI. (Tom Steepe/CBC)

"We've been committed to addressing the housing concerns today and for tomorrow. I think the issue we have today is real, but announcements like today make it that much easier to deal with those challenges moving forward," King said.

The new housing facility will also include 22,000 square feet for lecture halls and multi-purpose space.

"It's historic for UPEI and it is the perfect time," said Alaa Abd-El Aziz, UPEI president.

"We need to show our city that we're working to find more housing for them and many of our students really want to experience the residence. So, with an increase of 260 rooms I think that will show that we mean it," he said.

There have been challenges accessing accommodations for students, said UPEI Student Union president Emma Drake.

"Growing capacity is certainly exciting and we look forward to the new students it will accommodate," she said.

The province is contributing $20 million toward the housing project, with UPEI funding the remaining $40 million

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