One of the most famous educational institutions in America, known for its prestigious degree programs and alumni and research projects, Massachusetts Institute of Technology (M.I.T.) epitomizes intelligence and innovation.
However, the 160-acre campus, which boasted over 4,000 undergraduate and 6,000 graduate students last year, does not reflect the stature of its reputation- at least in the opinion of its board of trustees. Thus, MIT is getting a $1.4 billion makeover.
“The physical campus was not keeping pace with the leading-edge research of our scientists and engineers,” Susan Hockfield, MIT President, told the NY Times.
The school draws students from all 50 U.S. states and over 100 foreign countries and will reportedly receive 10 new buildings designed in an avant-garde style by famed architects, along with an improved street scape.
But MIT isn’t the only beneficiary of the project.
“The university’s new look also helps its neighborhood. When M.I.T. enhances its campus, it resonates in the commercial real estate market,” said Peter Bekarian, Senior Vice President of real estate company Jones Lang LaSalle.
The $1.4 billion dollar budget reportedly comes from tax-exempt bonds, profits from MITs commercial real estate investments, portfolio investments and, of course, private donations.