The Stevens Institute of Technology is scheduled to construct two student residential towers and a three-story university center through $270 million in bonds approved by the New Jersey Educational Facilities Authority.
Stevens says these projects are crucial to the university as it continues to accommodate growing enrollment and associated student demand for on-campus student housing and related student-life services.
The NJEFA says the financing is anticipated to include a tax-exempt and a taxable series of bonds, all or a portion of which are authorized to be issued as Green Bonds. The NJEFA says Green Bonds are used for environmentally beneficial projects and offer investors an opportunity to support projects that may align with their personal and/or corporate interests and values.
The NJEFA says the three buildings will be designed to Leadership in Energy and Environmental Design standards. The two residential towers will be constructed with 19 and 21 stories respectively and will accommodate about 1,000 students in single, double and suite-style units with panoramic views of the New York City skyline.
Once complete, the towers will enable Stevens to house about 80 percent of its student population on campus. The 75,000-square-foot university center will be located at the base of the residential towers and will provide Stevens’ students, faculty and staff with multi-purpose event space, dining facilities, retail space, a fitness center, study lounges and game rooms.