Applied Sciences Campus Competition
U3 Advisors served as lead consultant to Cornell in the University’s successful quest to win the Bloomberg administration’s competition to attract a world-class applied sciences and engineering campus to New York City. Announced as winner in December, 2011, Cornell received a 10-acre site on Roosevelt Island and $100 million of City capital budget funding.
U3 Advisors began working with Cornell in early 2011 and assisted Cornell to build the development team needed to respond to the NYC Economic Development Corporation’s initial Request for Expressions of Interest and subsequent Request for Proposals. Working closely with Cornell’s leadership, U3 Advisors helped the University to articulate its academic vision and explain how its new campus would catalyze the growth of the City’s tech sector, adding new diversity to its economy. U3 Advisors helped Cornell to formulate its overall development strategy for the RFP, including the space program, third party development partners, capital budget, and funding plan. Upon designation, U3 Advisors also helped to negotiate the terms of a predevelopment agreement, ground lease, and funding agreement with the City of New York.
NYC Campus Implementation and Executive Education Center/Hotel Development
U3A continues to serves as the University’s real estate advisor for its planned 2.1 million square-foot campus. U3A helped to shepherd Cornell NYC Tech successfully through New York City’s land use, design, and environmental review processes on an accelerated schedule with all final public approvals received in May 2013. In addition to more than 600,000 square feet of classrooms and research space, the campus will accommodate up to 800,000 square feet of housing for students, faculty, and staff; 500,000 square feet of lab and office space for corporate research teams and other businesses; an Executive Education Center; and a full- service 225-room hotel conference center.
Over the past three years, U3A’s work has focused on assisting the University to identify and select private development partners for the non-academic uses via a competitive process. U3A helped Cornell to draft and issue Requests for Expressions of Interest for three Phase I buildings to the development community in June 2012, followed by Requests for Proposals to finalists. U3A assisted Cornell with the interviews and negotiations with Master Developer and Residential Developer candidates throughout 2013. This culminated in the selection of Forest City Ratner as Master Developer and the joint venture of Hudson and the Related Companies as developer of the residential building for graduate students, faculty, and staff. U3A is currently helping Cornell to evaluate development options for the Executive Education Center and hotel buildings. The Cornell NYC Tech campus broke ground in January 2015 and is scheduled to open in the summer of 2017.