Regions Northeast | Boston
Dec 5, 2007
By: Michael Fickes, Contributing Correspondent
Boston College in Chestnut Hill, Mass., a suburb of Boston, will spend $800 million on construction projects and renovations over the next 10 years in support of an ambitious $800 million strategic plan that will significantly expand the size of the school’s faculty and programs, officials announced today. Combined construction and program spending is expected to reach $1.6 billion.
The $800 million construction program includes $100 million in renovations and was made possible by the acquisition of 65 acres from the Archdiocese of Boston between 2004 and 2007. The property, located across the street from Boston College, was sold to settle clergy-sexual abuse lawsuits filed against the Archdiocese.
“The land has made it possible for us to do projects that we had long hoped to do,” Jack Dunn, the university’s spokesperson, told CPN today. “It afforded us the space where we could put administrators and additional beds and enable us to sequence these construction projects.”
Plans call for four new academic buildings, a university center, a recreation complex, 610 addition beds of undergraduate housing, a fine arts district, and new athletic fields and facilities.
The four new academic buildings include Stokes Commons, an 85,000 square-foot academic facility that will serve as an interim student center and dining hall. The humanities programs will receive a 125,000-square-foot facility. A 75,000-square-foot building is planned for the Graduate School of Social Work and the Connell School of Nursing. Finally, a 100,000-square-foot Institute for Integrated Sciences building will support Boston College’s burgeoning scientific research and teaching initiatives.
Among the other dozen or so projects are a 285,000-square-foot university center will accommodate 230 student organizations, provide dining and conference space for students and faculty, and allow for the expansion and upgrade of Robsham Theater.
A 200,000-square-foot student recreation complex will house a fitness center, pool, jogging track, basketball courts, and multi-purpose rooms on the Lower Campus.
The strategic plan will use these new facilities to pursue seven strategic directions that aim to make the University a national leader in liberal arts education and enhance its research initiatives in the natural sciences and in areas that address societal problems. The plan also offers initiatives for the graduate and professional schools, expands international programs and partnerships, and commits to making Boston College into the world’s leading Catholic university and theological center.
According to research by Grubb & Ellis, the entire Boston metropolitan area “is in the midst of an impressive expansion run.” The office market, for example, has posted positive absorption figures for 17 consecutive quarters, allowing incremental increases in asking rents most of the time.
In addition, Grubb & Ellis expects the office market for new construction to surge by 450,000 square feet and 700,000 square feet for the first two quarters of 2008. While the credit crunch has had a limited effect on Boston’s commercial real estate market, it is conceivable that the credit crunch combined with higher spending in the Boston area might push prices up for Boston College as it begins to execute it construction plan.
By: Michael Fickes, Contributing Correspondent
Boston College in Chestnut Hill, Mass., a suburb of Boston, will spend $800 million on construction projects and renovations over the next 10 years in support of an ambitious $800 million strategic plan that will significantly expand the size of the school’s faculty and programs, officials announced today. Combined construction and program spending is expected to reach $1.6 billion.
The $800 million construction program includes $100 million in renovations and was made possible by the acquisition of 65 acres from the Archdiocese of Boston between 2004 and 2007. The property, located across the street from Boston College, was sold to settle clergy-sexual abuse lawsuits filed against the Archdiocese.
“The land has made it possible for us to do projects that we had long hoped to do,” Jack Dunn, the university’s spokesperson, told CPN today. “It afforded us the space where we could put administrators and additional beds and enable us to sequence these construction projects.”
Plans call for four new academic buildings, a university center, a recreation complex, 610 addition beds of undergraduate housing, a fine arts district, and new athletic fields and facilities.
The four new academic buildings include Stokes Commons, an 85,000 square-foot academic facility that will serve as an interim student center and dining hall. The humanities programs will receive a 125,000-square-foot facility. A 75,000-square-foot building is planned for the Graduate School of Social Work and the Connell School of Nursing. Finally, a 100,000-square-foot Institute for Integrated Sciences building will support Boston College’s burgeoning scientific research and teaching initiatives.
Among the other dozen or so projects are a 285,000-square-foot university center will accommodate 230 student organizations, provide dining and conference space for students and faculty, and allow for the expansion and upgrade of Robsham Theater.
A 200,000-square-foot student recreation complex will house a fitness center, pool, jogging track, basketball courts, and multi-purpose rooms on the Lower Campus.
The strategic plan will use these new facilities to pursue seven strategic directions that aim to make the University a national leader in liberal arts education and enhance its research initiatives in the natural sciences and in areas that address societal problems. The plan also offers initiatives for the graduate and professional schools, expands international programs and partnerships, and commits to making Boston College into the world’s leading Catholic university and theological center.
According to research by Grubb & Ellis, the entire Boston metropolitan area “is in the midst of an impressive expansion run.” The office market, for example, has posted positive absorption figures for 17 consecutive quarters, allowing incremental increases in asking rents most of the time.
In addition, Grubb & Ellis expects the office market for new construction to surge by 450,000 square feet and 700,000 square feet for the first two quarters of 2008. While the credit crunch has had a limited effect on Boston’s commercial real estate market, it is conceivable that the credit crunch combined with higher spending in the Boston area might push prices up for Boston College as it begins to execute it construction plan.
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