Chestnut Residence is on Chestnut Street, it was an old Holiday Inn. It was sold to U of T when the hotel rehab cost got too high for the building to continue as a hotel. At the same time U of T was looking for additional residence space for its students. U of T rent it out during the summer to recoup the acquisition costs.

It is not on campus but walking distance. It is located right behind(north) of City Hall so it is close to Eaton Centre close to two subway stops (Dundas, St Patrick). The benefit is that it is closer to Yonge/Dundas Sq and Eaton Centre