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Rutgers University Boards Endorse Framework for One of the Most Significant Campus Development Initiatives in University History

News Release
Wednesday June 20, 2012

Rutgers University Boards Endorse Framework for One of the Most Significant Campus Development Initiatives in University History

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Projected $295 million public-private partnership would transform the historic College Avenue Campus



NEW
BRUNSWICK, N.J. – The Rutgers University Board of Governors and Board of
Trustees today endorsed the framework for one of the most significant campus development
initiatives in the university’s history – including the first new academic
building on the College Avenue Campus in nearly half a century.

The boards adopted a resolution
authorizing the Rutgers administration to conduct formal negotiations with New
Brunswick Development Corporation (Devco) to implement the proposed $295 million
campus initiative – which also would create a new residence hall and honors
college to help meet rising student demand.

The
framework advances a long-proposed initiative that would improve the
university’s ability to attract top students and faculty, enhance the academic environment
and strengthen Rutgers’ ties with its oldest host community. If approved, this initiative
would include:

  • A
    150,000-square-foot academic building atop the hill near Seminary Place. This
    building, expected to house several departments in the School of Arts and
    Sciences, would feature more than 2,000 seats of new classroom space.
    Completion is expected in fall 2016.
  • A
    residential honors college, adjacent to the new academic building, providing
    space for 500 honor students attending schools across the New Brunswick Campus.
    It is expected to open in fall 2015.
  • An
    800-bed student residential facility, with street-level retail shopping and
    dining, at the corner of College Avenue and Hamilton Street. Devco is expected
    to own and manage the facility. Completion is expected in fall 2015. 
  • A
    new campus parking deck off George Street, scheduled to open in fall 2013.                 

 

The boards’ resolution
authorizes the administration to invest up to $295 million to cover the
university’s projected share of the initiative. Of this total, $199 million would be financed
through student residential and dining fees and $44 million through general
operating revenues, both over a 30-year period. Another $52
million would be financed through state tax credits secured by Devco.

The initiative would create more than 1,200
direct construction jobs and support several thousand indirect jobs critical to
improving the local economy.

Rutgers
President Richard L. McCormick noted that enrollment on the New
Brunswick Campus has grown by 14 percent since 2006, while classroom space has
increased by only 3.8 percent. 

“This
initiative would help the university meet the growing demand for modern
classroom and residential space, while a campuswide honors college would enable
Rutgers to attract New Jersey’s best and brightest students,” President
McCormick said. “It has long been my hope to transform the university’s most
historic campus with modern facilities and a more aesthetically
pleasing, pedestrian-friendly environment that would help us recruit and retain
the finest faculty and students. This public-private partnership with Devco would
make that hope a reality.”

Rutgers University
has used similar approaches on other development projects.

In Camden, a partnership
between the university and the Camden County Improvement Authority led to a $55
million on-campus housing facility that will provide space for 350 graduate
students beginning this fall. In Newark, tax credits are being pursued to help
finance the $71 million renovation of the historic 15 Washington Street
building into housing for 350 graduate students.

Established in 1766, Rutgers is America’s eighth oldest
institution of higher learning and one of the nation’s premier public research
universities. Serving more than 58,000 students on campuses in Camden, Newark
and New Brunswick, Rutgers is one of only two New Jersey institutions
represented in the prestigious Association of American Universities.

Media Contact: Greg Trevor
732-932-7084 ext. 623
E-mail: gtrevor@ur.rutgers.edu

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