NEW BRUNSWICK, NJ- The state Economic Development Authority Thursday approved a $350 million bond to finance a redevelopment of Rutgers University's College Avenue campus here.
The nonprofit New Brunswick Development Corp. will use the money to purchase a five-acre property from the Theological Seminary and build a new honors college building - an academic building, plus 500 apartments for honors students -and also another 520-bed student apartment building.
Christopher J. Paladino, Devco's president, said the project will “redefine” the campus and give it a high profile comparable to other Big 10 universities, like the University of Wisconsin, the University of Michigan and Penn State University.
Last month, the EDA had approved a $33 million tax credit for the project, under the state's Urban Transit Hub residential program. The Rutgers board of governors is set to vote on its final approvals next month; Paladino said ground work and demolition will begin next month, too.
The project is to be completed in phases, with the first phase ready by late 2014.
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