The Westchester County Local Development Corp. will give Pace University access to $98 million in tax-exempt bond financing to renovate its Pleasantville campus, County Executive Rob Astorino announced today.
The project will consolidate all aspects of Pace’s Briarcliff campus to the Pleasantville campus. It will create 600 high-wage construction jobs and strive to buy building materials and products that have been extracted and manufactured within 500 miles of the project site, and closer when possible.
“Pace’s renovation is exactly the kind of project the LDC was created to support,” Astorino said in a statement. “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.”
The first stage of construction broke ground last fall and is expected to be finished by the end of 2016. Kirchhoff Consigli Construction Management, a Hudson Valley-based firm, is managing the building of the environmental center complex, the residence halls and student center.
The project includes construction of two, four-story residence halls with a total of 760 beds. They will include residential suites, faculty apartments, food service, classrooms and offices. The Kessel Student Center will be renovated and a two-story addition totaling about 9,500 square feet added. Pace will add a 23,000-square-foot field house, a new softball field, new bleachers and resurfaced fields. The Environmental Center will be relocated and improved.
“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.”
Pace, Westchester’s largest university and 13th largest employer, contributes about $64 million to the local economy in direct and indirect spending.
The Westchester County LDC also voted to give Kendal on the Hudson, a continuing care retirement community in Sleepy Hollow, $18 million in tax-exempt bond financing to renovate its health center.
Astorino created the LDC in 2013 to fill a void that had existed since 2008, when the state’s industrial development agencies lost the authority to issue bonds on behalf of nonprofits. With the two new projects, the LDC will have leveraged $429 million in investments to nonprofits, helping six of the county’s largest hospitals and universities reduce their financing costs, expand their facilities and create more than 1,400 new jobs.
(Pictured is a rendering of a residence hall Pace University is building on its Pleasantville campus/Pace University.)