NEW:WPI Gets $42 Million from MassDevelopment for New Residence Hall
Tuesday, November 13, 2012
The 250-bed apartment style residence hall will occupy 89,000 square-feet across the street from Worcester's Gateway Park, WPI's growing research center. Bond proceeds will also finance construction of a surface parking lot.
“Over the past seven years, WPI has grown its Life Sciences programs significantly. The location of this residence hall near Gateway Park, a life sciences hub that the university has been developing within Worcester, makes sense for students,” said MassDevelopment President and CEO Marty Jones. “Through this low-cost financing, MassDevelopment is pleased to continue our support for WPI, Gateway Park, and the City of Worcester.”
Gateway Park was originally developed as a joint venture with the Worcester Business Development Corporation (WBDC), but WPI become the sole owner in 2010. The school is now pursuing the build-out of the park in partnership with different companies looking to invest in the region.
The flagship complex at Gateway Park is WPI’s 125,000 square-foot Life Sciences and Bioengineering Center, which opened in 2007 and is fully occupied with graduate research laboratories, life science companies, state-of-the-art core facilities, and WPI’s Corporate and Professional Education division.
“I want to thank MassDevelopment for its support in helping further WPI’s capital plans on campus and at Gateway Park,” said WPI Executive Vice President and CFO Jeffrey Solomon. “WPI’s sound financial position and this access to tax-exempt bonds allow us to make strategic investments that improve both our institution and the city of Worcester.”
For more information on WPI, click here.
- NEW: WPI Dedicates Sustainable Sports & Recreation Center
- NEW: WPI Hires Power Industry Veteran to Lead Continuing Education
- NEW: McGovern Announces Nearly $4 Million for Energy Research at WPI
- NEW: WPI Honors Innovator of the Year
- NEW: New Frat Hitting the Campus at WPI
- NEW: WPI Professor Named a “Woman to Watch”
- NEW: Researchers Explore WPI’s Top-Rated Calculus Program
- NEW: WPI Professor Wins Award for Battery Innovation
- NEW: WPI Adds Five New Project Centers Around the Globe
- NEW: WPI Professor to Give Lectures Around the World
- NEW: WPI Announces for New Green Residence Hall
- NEW: WPI Creates an App to Deal with Boston’s Potholes