Harrisburg University of Science and Technology announced on Wednesday that it had sold $100 million in university revenue bonds.
The money is being used for the construction of its new health science and advanced manufacturing educational facility at Third and Chestnut streets in Harrisburg.
The bonds were issued through the Dauphin County General Authority and marketed and sold by RBC Capital markets. The school said that buyers of the new tax-exempt bonds are “global sophisticated investment firms”.
“This sale demonstrates the confidence of smart institutional investors in Harrisburg University’s fiscal stability, and in the future of health care and advanced manufacturing as economic drivers in the central Pennsylvania region,” Eric Darr, president of Harrisburg University said in a press release.
The new 11-story health science and advanced manufacturing educational facility is slated to open in 2023 and will accommodate at least 1,000 additional students. When completed, the facility will have nearly 170,000 square feet of finished educational space and 40,000 square feet of unfinished shell space. The facility will have student service offices and spaces, advanced manufacturing educational and experiential learning spaces, health sciences educational and experiential spaces, interactive media educational and production spaces as well as general purpose education offices and facilities.
When plans for the health science and advanced manufacturing educational facility were first unveiled it was expected to be 36 stories. It was later downsized to 17 stories but when funding for the project was stalled, the school decided to forgo plans for a hotel and restaurant and decided to forge ahead with the 11-story tower. The project is expected to support more than 150 construction jobs over the next two years. The Whiting-Turner Contracting Co., based in Baltimore, is the construction manager for the project, and Stantec, based in Butler County is the architect and engineer.
“This is positive economic news for central Pennsylvania,” Darr said. “HU was founded to prepare people for family-sustaining careers in technology and science fields. The bond sale is a major step forward in meeting that mission. This investment represents confidence not just in Harrisburg University but in the city and the region’s future.”
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