NEW YORK CITY-Cornell University has been selected as the winner of the city’s coveted Applied Science NYC initiative for a new high-tech and bioscience campus on Roosevelt Island, a spokeswoman for Mayor Michael Bloomberg confirms to GlobeSt.com. A press conference will be held at New York-Presbyterian/Weill Cornell Medical Center at 2:30 p.m. where Bloomberg will make an official announcement regarding the details of the plan.

The deal comes three days after Stanford University dropped out of the race due to a lack of mutual goals between the city and the school. Shortly after, Cornell announced on Dec. 16 it will invest $350 million in the establishment of the campus.

“Our entire community has come together, in a way that happens only so often in an institution's history, with winning ideas, energy and the creativity that the Mayor's challenge deserves,” says Cornell president David J. Skorton, in a statement.