The nonprofit company, known as Devco, is building on the historic site of the former New Brunswick Theological Seminary.

"We pride ourselves on being one of the oldest universities in the nation,” said Rutgers' resident, Robert Barchi, “but that doesn't necessarily mean having only the oldest buildings."

"We have to grow with the nation and with intellectual strength and development — and with the times," Barchi told the crowd at the groundbreaking.

Devco's president Christopher Paladino said, “New Brunswick is poised to take its rightful place among great American college towns." Noting Rutgers' recent entrance into the Big Ten conference, Paladino said Rutgers is joining campus peers such as Madison, WI; Ann Arbor, MI; and Columbus, OH.

The university has long wanted to encompass the hilltop property at the heart of its campus where the 150-year-old seminary stood, Paladino said. Only last year, the religious institution agreed to sell 7.5 acres to Devco in a deal that permitted it to build its own new campus close by on College Avenue.

Work has already begun on the new seminary buildings, including a chapel, classrooms and offices. The whole project is to be built over the next three years.