MassDev Grant Helps Fund WPI Residence Hall
Worcester Polytechnic Institute (WPI) has secured a $42.5-million bond from the commonwealth to build a 250-bed residence hall across from Gateway Park, the university-owned research and innovation center just north of the city's downtown.
MassDevelopment, the state's finance and development agency, announced that it has issued the tax-exempt bonds to aid development of the 89,000-square-foot facility and an adjacent 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," MassDevelopment President and CEO Marty Jones said. "Through this low-cost financing, MassDevelopment is pleased to continue our support for WPI, Gateway Park, and the City of Worcester."
Construction on the residence hall is under way and expected to be completed by July 2013, according to WPI spokesman Andy Baron.
MassDevelopment previously helped finance a sports and recreation center on WPI's main campus, along with projects at 50 Prescott St. and Massachusetts Biomedical Initiatives in Gateway Park.
"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," said Jeffrey Solomon, WPI's executive vice president and CFO.
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