What will a quarter of a billion dollars bring to campus?

After a financial and philosophical dilemma over the funding of the Gateway Academic Center and naming of Gianforte Family Hall, students began to question the source of funding for other campus construction projects like the University Center/Student Housing project.

According to Louis J. Mayer, Stevens Vice President for Finance and Treasurer, the University Center towers is estimated to cost $255.5 million. The project is being funded by a variety of sources including fundraising, bond financing, and planned savings. The fundraising portion is expected to come from a variety of private donors. The largest donation of $17 million is from alumnus Richard Frederick Harries.

By comparison, the recently renovated Alexander House, now called the Student Center, had a project budget of $6.5 million. That project was backed by bond financing via the Stevens Series 2017 bond issue. In general terms, bond financing is a type of long-term borrowing that non-profit institutions and universities use to finance extensive projects and operations. Bond financing allows schools to build their projects sooner and with low interest rates.

Similar to the Gateway building, a portion of the funding for the project will come from private donations as mentioned above. There was a lot of controversy over Greg Gianforte’s socially conservative views and actions in regard to creationism and anti-LGBT groups.

In response to this issue, Dawn da Silva, Associate Vice President for Development said, “As a tax-exempt, charitable organization, Stevens relies on philanthropic support from numerous individuals and organizations, including those holding a range of religious, political, and social beliefs, and who may lend their support to various philanthropic organizations. Stevens is and will remain neutral on religious and partisan political issues. The Board of Trustees will uphold the University’s values including nondiscrimination and academic freedom.” Without generous donations, it would be nearly impossible for Stevens to advance its infrastructure.

The Student Housing and University Center “will be ready for occupancy for the fall 2022 semester,” said Bob Maffia, Vice President for Facilities and Campus Operations. The housing portion of the complex will accommodate 994 beds; 616 in the North tower and 478 in the South tower. This will support the growing undergraduate student body, and it is estimated that by 2026 the Stevens freshman class will modestly top out at 1,050 students. With a minor increase in class size, this new dormitory space will enable greater on-campus options for non-freshman students to reside on campus. Additionally, the University Center component will house a new fitness area, café dining, retail space, private dining, catering, kitchen, student organization offices, and more.

While most current students will graduate before the buildings are erected and open for use, it will eventually provide more study space, offices for student organizations, expanded dining experiences, and a new home.