Just days after the upstate Ivy League school received a $350 million gift from an anonymous donor, Cornell University was selected as the winning bid to bring an applied science school to the city.
Mayor Michael Bloomberg, Cornell University President David Skorton and Technion-Israel Institute of Technology President Peretz Lavie announced a partnership on Monday, December 19 to build a two-million-square-foot applied science and engineering campus on Roosevelt Island as part of the Applied Sciences NYC initiative.
Cornell will join with Technicon to build NYCTech Campus – pairing together two of the world’s top institutions in the fields of science, engineering, technology and research.
“Thanks to this outstanding partnership and groundbreaking proposal from Cornell and the Technion, New York City’s goal of becoming the global leader in technological innovation is now within sight,” said Bloomberg. “By adding a new state-of-the-art institution to our landscape, we will educate tomorrow’s entrepreneurs and create the jobs of the future. This partnership has so much promise because we share the same goal: to make New York City home to the world’s most talented workforce.”
The new campus will cost more than $2 billion and will be comprised of classrooms, labs, conference centers, housing and more for 2,000 graduate students. The university intends to build quickly, and start classes by next September.
“Cornell University and our extraordinary partner, The Technion-Israel Institute of Technology, are deeply gratified to have the opportunity to realize Mayor Bloomberg’s vision for New York City: to prepare tomorrow’s expanding talent pool of tech leaders and entrepreneurs to work with the city’s key industries in growing tomorrow’s innovation ecosystem,” said Cornell president Skorton. “Starting today, we are going to put our plan to work, tapping into our extensive connections throughout the city and build a truly 21st Century campus to fuel the creation of new businesses and new industries throughout the city for decades to come.”
Prior to commencement of construction on Roosevelt Island, Cornell/Technion plans to open in an off-site location in 2012, with the first phase of their permanent Roosevelt Island home expected to open by no later than 2017. By 2027, the campus will have expanded to over 1.3 million square feet. Cornell/Technion has agreed to a 99-year lease for the Roosevelt Island site, with an option to purchase the land at the end of the term for $1. Cornell will develop and own the campus itself, and will assume financial responsibility for its establishment and operations.
According to the New York Economic Development Corporation (EDC), the campus alone will help create up to 20,000 construction jobs and up to 8,000 permanent jobs. More importantly, the campus is expected to generate nearly 600 spin-off companies over the projection period – expected to create up to an additional 30,000 permanent jobs.