County Executive Robert P. Astorino has announced that the Westchester Local Development Corporation (LDC) has approved $36.4 million in low-cost financing for Purchase College-SUNY to construct a new residence hall on its campus.
The money will be used build a four-story, 80,000 s/f residence hall, consisting of 300 beds with student common areas and resident advisor accommodations. The LEED Silver building will be located on a four-acre parcel near the college’s other residence halls.
Purchase College currently has 2,200 beds and occupancy is typically 98 percent full during the fall semester.
Construction is expected to start in spring 2018 with occupancy in fall 2019. The project will create approximately 350 construction jobs.
The action taken by the LDC meeting grants tax-free status to the bonds that will be issued for construction, which provides thousands in savings to the college from lower interest costs. The financing carries no cost or obligation to the LDC or the county.
“We are very pleased that our LDC can help assist Purchase College, one of the county’s great academic institutions,” said Astorino.
“This low-cost financing will help the college provide attractive, new student housing and at the same time create jobs and boost the local economy.”