Welcome! Login | Register
 

Fattman Slams Abraham Over Mismanagement—Stephanie Fattman, appearing Tuesday on The Jordan Levy…

See the Great Pumpkin Fest at the Ecotarium with Your Woo Card—The weekend is fast approaching, and GoLocalWorcester brings…

10 Best Loved Bacon Dishes in Worcester—We all love bacon.

Pagano Media Wins International Davey Award—Pagano Media wins 2014 International Davey Award

Paul Giorgio: Ebola Should Not Be A Political Football—It’s probably a good thing to worry about…

Former Federal Official to Give Lecture at Clark—Dan Sichel, a former senior official at the…

Report: Patriots Bolster Roster With Two Moves—Tuesday's are generally off days at Gillette Stadium.…

Christie Administration Withholds Findings Into Baker Pay-to-Play Investigation—Republican Governors Association Chair Chris Christie and his…

5 Good Things That Happened To The Patriots This Weekend—Pats relaxed as good things happened for them.

Angiulo: A Call to End Mandatory Minimum Sentences in Massachusetts Drug Cases—The Chief Justice of the Massachusetts Supreme Judicial…

 
 

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.