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Post by ctghostman on Nov 21, 2016 10:59:17 GMT -5
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Post by brokenboat on Nov 21, 2016 11:18:39 GMT -5
Really frustrated that we didn't win out here. Proximity obviously makes more sense for SHU.
Any word how FU's proposal fell through? I thought we had a strong case to win the bidding based on early articles.
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Post by FU73 on Nov 21, 2016 11:20:30 GMT -5
Sacred Heart University has purchased the 66-acre General Electric Co. property for $31.5 million, university officials said Monday morning. SHU President John J. Petillo said “We are experiencing remarkable growth and the need for state of the art facilities. And frankly, the one thing they don’t make more of is land.
The university plans to relocate its College of Education and computer science program to the GE property beginning in 2017.
SHU plans to use the property as an innovation campus, to expand its new School of Computing, which is focused on computer engineering, computer gaming and cybersecurity, and to develop programs in STEM fields such as health and life sciences, science and technology, university spokewoman Tracy Deer-Mirek said.Disappointing news especially since Fairfield was in talks with a developer this past March for the former GE Headquarters. Sacred Heart University spends $31.5 million for the GE property that Fairfield University was considering and Fairfield University is still thinking about replacing Alumni Hall. SHU buys still more property to expand and Fairfield University sells off their on campus property that becomes the 36 houses of Mailands Road. Fairfield University, Developer Have Plans For GE Sitewww.courant.com/business/hc-ge-fairfield-20160331-story.htmlEndowment:Sacred Heart University - $137 million Fairfield University - $317 million
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Post by Stagophile on Nov 21, 2016 11:44:09 GMT -5
WOW! I didn't think the Town of Fairfield would approve this due to the lost tax revenue. Congratulations to Sacred Heart. Just $31m for two existing buildings and 20 acres adjacent to your main campus to move and expand their academic and community offerings. They really do have great leadership and a vision. I don't know their finances and suspect their debt levels are high but they are being aggressive about growing the school and it appears to be paying off.
Look out Fairfield!
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Post by stag79 on Nov 21, 2016 13:23:49 GMT -5
Would like to know if we were outbid and, if so, how much. If you are adding 90,000 sq ft. health science center, new dorm, parking, and plans for alumni hall redo with a separate biz school that can be expanded, is it worth $31 million for a second campus? I assume our board said it's not.
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Post by Stagophile on Nov 21, 2016 13:58:31 GMT -5
I don't think we bid for the land per se. We participated in the Kleban Properties bid as a partner/tenant. I am not sure that included a financial component. Kleban, a private tax paying entity, would have owned the land. I could be wrong though. Town of Fairfield got screwed out of $2m in annual taxes.
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