MassDevelopment helps fund new dorm

New England Council member MassDevelopment, Massachusetts’ finance and development agency, recently issued $42.5 million in tax-exempt bonds to build a new 250-bed residence hall at Worcester Polytechnic Institute (WPI). The new building will be located across from Gateway Park, the Institute’s developing research and commerce complex.

The twelve acre park, located in downtown Worcester, includes five buildings of laboratory and office space for commerce and research. The flagship Life Sciences and Bioengineering Center is already fully occupied by research facilities, life science companies, and the Corporate and Professional Education division at WPI. The bond proceeds will also finance a surface parking lot.

In announcing the venture, MassDevelopment President and CEO Marty Jones–an NEC Board Member– said, “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.” She added, “Through this low-cost financing MassDevelopment [was] pleased to continue our support for WPI, Gateway Park, and the City of Worcester.”

This initiative continues MassDevelopment’s partnership with WPI, as they had previously financed a recreation center on the school’s main campus. The residence hall is expected to be completed by July 2013. For more information, read MassDevelopment’s press release or this Worcester Business Journal article.

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