PLEASANTVILLE, N.Y. - Pace University received access to $98 million in tax-exempt bond financing for the renovation of its Pleasantville campus, the most extensive improvement plan in its 50-year history.
County Executive Robert P. Astorino announced Thursday that the county’s Local Development Corporation approved a resolution awarding the bond financing.
The project, which consolidates all aspects of the school’s Briarcliff campus to the Pleasantville campus, will help attract the brightest students from around the globe, revitalize the local economy and transform education in Westchester at no extra cost to taxpayers, the county said in its announcement. This project will create 600 high-wage construction jobs and strive to source building materials from local businesses.
“Pace’s renovation is exactly the kind of project the LDC was created to support,” said Westchester County Executive Robert P. Astorino. “It’s a win for everyone. At no cost to taxpayers, we’re able to help one of our great educational institutions broaden its reach and do what it does best.”
Pace is the county’s largest university and contributes approximately $64 million to the local economy through direct and indirect spending. The county’s 13th largest employer, 75 percent of its employees and more than 20,000 of its alumni live in the county.
“This project will transform the Pace student experience. It will enable the University to continue to attract and retain excellent students and prepare them for successful careers in a highly competitive market,” said Bill McGrath, senior vice president and chief operating officer for Pace Westchester. “We could not have done this as quickly and at such a low cost without the Westchester LDC.”
The first stage of the project broke ground in the fall of 2013. Multiple components of the construction and renovation will happen concurrently and be completed by the end of 2016.
Before the LDC board voted to approve this signature project, McGrath shared the details of the plan:
• Construction of two, four-story residence halls with a total of 760 beds and approximately 221,00 square feet.
• The two buildings will incorporate “living learning” style communities with residential suites, faculty apartments, food service, classrooms and offices.
• Renovation of the Kessel Student Center with a two- story addition totaling approximately 9,500 square-feet to accommodate a 200 dining-seat capacity and associated kitchen upgrades.
• Upgrade and expansion of athletic facilities including a new 23,000 square-foot field house, a new softball field, new bleachers and re-surfaced fields.
• Relocation and enhancement of the Environmental Center.