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Business Week Magazine: Cornell and Technion Chosen by NYC for Engineering Campus
Cornell University and Technion- Israel Institute of Technology won a New York City contest to build an engineering campus with a grant of land on Roosevelt Island and $100 million for infrastructure improvements.
The NYCTech Campus is intended to bolster job creation in the city and may generate 600 spinoff companies and $23 billion in economic activity over the next three decades, Mayor Michael Bloomberg said at a news conference today.
Cornell, based in Ithaca, New York, and Haifa-based Technion beat out six competing bids, including one from Stanford University. Cornell announced an anonymous $350 million gift Dec. 16 to support its bid, hours after Stanford said it was withdrawing from the contest.
Of all the applications we received, Cornell and Technions was the boldest and most ambitious, Bloomberg said. In a word, this project will be transformative.
Classes in 2012
Cornell plans to begin offering classes next year in leased space as it begins building on the campus at Roosevelt Island, in the East River. Cornell said it will move into the campus by 2017 and finish construction of 1.3 million square feet by 2027. By 2043, the campus will have 2,500 students and 280 professors, according to a statement from the mayors office.
The new campus will generate more than $23 billion in overall economic activity and $1.4 billion in tax revenue over the next 30 years, according to the statement. The project will create 20,000 construction jobs and 8,000 permanent jobs. The estimated 600 spinoff companies will create another 30,000 jobs.
This is not a moment for a touchdown dance for Cornell or Technion, Cornell President David Skorton said at the press conference. This is a moment for a touchdown dance for New York City.
Best Proposal
The Cornell-Technion proposal offered the most students, most faculty, biggest facility and most aggressive time frame, the mayor said.
Cornell has a medical school on the Upper East Side of Manhattan. About 20,000 graduate, undergraduate and postgraduate students attend the university, and there are about 50,000 Cornell alumni in New York City. The institution will continue to operate its engineering school in Ithaca.
It is a tremendous boost in morale and recognition for Cornell, said Inge Reichenbach, the vice president of development at Yale University who held the same role at Cornell for a decade. It is an amazing opportunity.
Technion, an 87-year-old Israeli science and engineering institution with almost 13,000 students, counts Albert Einstein as an early supporter. The scientist was president of the first Technion society, according to its website. Technion professor Dan Schechtman was awarded the Nobel Prize in chemistry on Dec. 10.
We are not going to have an extension of the Technion or Cornell, said Technion President Peretz Lavie. We are going to have something new.
An engineering campus in New York will help tie Cornell more closely to the city and provide a more viable location for companies that are spun out of the school, said Ronald Ehrenberg, an economics professor who directs the Cornell Higher Education Research Institute.
Bold Thinking
The trustees and the president have long wanted to have a bigger presence in New York City, Ehrenberg said. The notion that you can be a great international university in the 21st century if youre located in rural upstate New York doesnt work.
Upon seeking requests for proposals in July, the mayor hailed the development of a world-class applied sciences and engineering school in the city. He said it would be a critical driver of the further diversification of New York Citys economy beyond its dependence on Wall Street, which provided about 7 percent of the citys tax revenue in 2011, according to state Comptroller Thomas DiNapoli.
Cornell and Technion Chosen by NYC for Engineering Campus - Businessweek[/quote]
Cornell University and Technion- Israel Institute of Technology won a New York City contest to build an engineering campus with a grant of land on Roosevelt Island and $100 million for infrastructure improvements.
The NYCTech Campus is intended to bolster job creation in the city and may generate 600 spinoff companies and $23 billion in economic activity over the next three decades, Mayor Michael Bloomberg said at a news conference today.
Cornell, based in Ithaca, New York, and Haifa-based Technion beat out six competing bids, including one from Stanford University. Cornell announced an anonymous $350 million gift Dec. 16 to support its bid, hours after Stanford said it was withdrawing from the contest.
Of all the applications we received, Cornell and Technions was the boldest and most ambitious, Bloomberg said. In a word, this project will be transformative.
Classes in 2012
Cornell plans to begin offering classes next year in leased space as it begins building on the campus at Roosevelt Island, in the East River. Cornell said it will move into the campus by 2017 and finish construction of 1.3 million square feet by 2027. By 2043, the campus will have 2,500 students and 280 professors, according to a statement from the mayors office.
The new campus will generate more than $23 billion in overall economic activity and $1.4 billion in tax revenue over the next 30 years, according to the statement. The project will create 20,000 construction jobs and 8,000 permanent jobs. The estimated 600 spinoff companies will create another 30,000 jobs.
This is not a moment for a touchdown dance for Cornell or Technion, Cornell President David Skorton said at the press conference. This is a moment for a touchdown dance for New York City.
Best Proposal
The Cornell-Technion proposal offered the most students, most faculty, biggest facility and most aggressive time frame, the mayor said.
Cornell has a medical school on the Upper East Side of Manhattan. About 20,000 graduate, undergraduate and postgraduate students attend the university, and there are about 50,000 Cornell alumni in New York City. The institution will continue to operate its engineering school in Ithaca.
It is a tremendous boost in morale and recognition for Cornell, said Inge Reichenbach, the vice president of development at Yale University who held the same role at Cornell for a decade. It is an amazing opportunity.
Technion, an 87-year-old Israeli science and engineering institution with almost 13,000 students, counts Albert Einstein as an early supporter. The scientist was president of the first Technion society, according to its website. Technion professor Dan Schechtman was awarded the Nobel Prize in chemistry on Dec. 10.
We are not going to have an extension of the Technion or Cornell, said Technion President Peretz Lavie. We are going to have something new.
An engineering campus in New York will help tie Cornell more closely to the city and provide a more viable location for companies that are spun out of the school, said Ronald Ehrenberg, an economics professor who directs the Cornell Higher Education Research Institute.
Bold Thinking
The trustees and the president have long wanted to have a bigger presence in New York City, Ehrenberg said. The notion that you can be a great international university in the 21st century if youre located in rural upstate New York doesnt work.
Upon seeking requests for proposals in July, the mayor hailed the development of a world-class applied sciences and engineering school in the city. He said it would be a critical driver of the further diversification of New York Citys economy beyond its dependence on Wall Street, which provided about 7 percent of the citys tax revenue in 2011, according to state Comptroller Thomas DiNapoli.
Cornell and Technion Chosen by NYC for Engineering Campus - Businessweek[/quote]
