News
CORNELL/TECHNION ISLAND BOUND
December 21, 2011
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| Kristen Artz |
| A coup for the City’s Applied Sciences NYC initiative: on Monday,Mayor Mike, Cornell prez David Skorton, and Technion-Israel Institute of Technology prez Peretz Lavie announced that the universities will build the 11-acre NYCTech Campus on Roosevelt Island, with an injection of $100M from the City for site infrastructure, construction, and related costs. (Hugs all around!) The partners inked a 99-year lease, with an option to purchase the land at the end of the term for a dollar (less than a hot dog). The plan: a 2M SF build-out and housing for up to 2,500 students and 280 faculty members by 2043. There's more: Cornell received a $350M gift from an anonymous donor—the largest in the university’s history—which'll also support development. |
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| Meanwhile, Cornell and Technion plan to open an off-site location in 2012, with the first phase of the permanent Roosevelt Island home open no later than 2017. By 2027, the campus will be more than 1.3M SF. (Cornell will develop and own the campus and will assume financial responsibility for its establishment and operations.) The estimated impact: more than $23B in economic activity over the next three decades and $1.4B in tax revenue, 20,000 construction jobs, 8,000 permanent jobs, and nearly 600 spin-off companies with the possibility of 30,000 more permanent jobs. The project is scheduled to move into the environmental and land-use review process, with groundbreaking slated for 2015. |
