Welcome! Login | Register
 

Weiss: In 2050, Where Have All the Family Caregivers Gone?—Weiss: In 2050, Where Have All the Family…

Construction in Worcester - Week of April 23—Construction in Worcester - Week of April 23

Smart Benefits: CMS Releases HHS Notice of Benefit & Payment Parameters for 2019—Smart Benefits: CMS Releases HHS Notice of Benefit…

Our First Ladies are a National Treasure – Sunday Political Brunch—April 22, 2018—Our First Ladies are a National Treasure –…

Monfredo: Powerful Documentary - Generation Zapped - A Must See This Thursday—Monfredo: Powerful Documentary - Generation Zapped - A…

Fit For Life: Stay Strong, Focused on Being Better at Everything—Fit For Life: Stay Strong, Focused on Being…

Bruins Rally Falls Short, Lose 4-3 to Maple Leafs in Game 5—Bruins Rally Falls Short, Lose 4-3 to Maple…

Revolution, Columbus Crew Play to 2-2 Draw—Revolution, Columbus Crew Play to 2-2 Draw

MA Gained 4,700 Jobs in March—NEW: MA Gained 4,700 Jobs in March

Celtics Get Blown Out by Bucks in Game 3, 116-92—Celtics Get Blown Out by Bucks in Game…

 
 

NEW:WPI Gets $42 Million from MassDevelopment for New Residence Hall

Tuesday, November 13, 2012

 

Early designs for the new WPI residence hall that will stand across from Gateway Park.

MassDevelopment has issued $42,540,000 in tax-exempt bonds to Worcester Polytechnic Institute (WPI), which plans to use that money to build a new residence hall in downtown Worcester.

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.

 

Related Articles

 

Enjoy this post? Share it with others.

 

X

Stay Connected — Free
Daily Email