NEW YORK CITY-Cornell University and Technion-Israel Institute of Technology unveiled that they will build a two-million-square-foot state-of-the-art campus on Roosevelt Island after being officially selected as the winner of the city’s Applied Science NYC initiative on Monday afternoon. Over a 30-year period, the partners will construct new academic facilities and housing on the 11-acre Goldwater Hospital campus, which will accommodate 2,500 students and nearly 280 faculty members upon completion.

“We're not slowing down in our effort to transform the city’s technology sector and find the economic catalyst for generations to come,” said New York City Mayor Michael Bloomberg at a press conference held the New York-Presbyterian/Weill Cornell Medical Center on Manhattan’s Upper East Side on Dec. 19. “Today will be remembered as defining moment,” calling the deal a “milestone” for New York’s growing role in the technology and bioscience industries.

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After issuing a request for proposals over the summer, the city received seven applications from institutions around the world. After two months of reviewing the proposals, Bloomberg said Cornell and Technion’s joint submission stood out for its “boldness” and “ambitiousness.”