Cornell Must Pay NYC $10M to Jumpstart New Tech Campus
New York City released details on Monday of its financial pre-development arrangement with Cornell University that allows the university to jumpstart its $2-billion-plus applied sciences campus on Roosevelt Island. Under the deal, Cornell’s first deadline is Jan. 17 for payment of a $5 million pre-development deposit and a $5 million security deposit.
The university’s obligations include submission of its Uniform Land Use Review Procedure application by Nov. 10, or it must pay a penalty fee of $1,000 a day for the first two months, increasing by an additional $1,000 a day every two months after that. The university must also deliver an update on Phase 1 development schematics to the New York City Economic Development Corp. including site and floor plans, as well as a schematic cost estimate by early 2016. If Cornell fails to deliver the requested information on time, it must pay $1 million dollars.
The first phase of the tech campus will include the build out of 200,000 sq ft and is scheduled for completion by June 2017. The second phase is scheduled to begin in June 2024 and will include the build out of 1-million sq ft that is scheduled for completion by June 2027. The final phase of the campus is scheduled to begin in June 2034 and includes the build out of about 2 million sq ft., which is scheduled to be completed by June 2037.
The campus aims to achieve LEED Platinum status upon completion and will include 500,000 sq ft of green space open to the public, a solar array, and four acres of geothermal wells that will heat and cool the campus.
Cornell says that it will construct the campus with “labor paid at the prevailing wage for construction workers in the city or in accordance with an approved Project Labor Agreement” and that it will select a construction manager through a competitive process. The city did not disclose further details on this process by press time.
Cornell says that the construction manager will be required to identify qualified minority and women-owned business enterprise bidders, and that it must meet its goal of hiring 12% of minority-owned businesses and 5% women-owned businesses.
Cornell is the first of what may be several selections under the city’s initiative to grow its technological footprint. Last month, the city said it was in talks with Carnegie Mellon, Columbia and a New York University-led consortium – all of which placed bids for the applied sciences initiative – regarding the possibility of other science and engineering partnerships.