Stanford is undergoing their biggest building construction with 87 projects, some already in the works and worth $1.5B.
Stanford University has undergone construction for various building projects all thanks to gifts from donors. In the past the campus suspended about $1.3 billion in construction projects due to a dramatic decline in its endowment. However, the projects set forth by alums and donors has made it possible for those projects to continue.
In fact, it is expect that 2009 and 2010 will be record setting years for construction, Stanford’s Jack Cleary announced at a Thursday meeting. The best part of it all according to Cleary is that about eight projects are worth more than $50 million and many are being built on time and under budget- no doubt excellent news for both the university and its donors.
Stanford strategy follows building projects in housing, business and science, hospitals, concert halls and law schools and expects to have them completed by 2012.
President John Hennessey explained, “Projects scheduled to be funded by debt were suspended. Projects with donors’ money went ahead.” And those projects include the Knight Management Center, donated by alum Philip Knight. Knight has donated $105 million for the creation of this eight building complex.
Due in 2010 the Lory Lokey Stem Cell Research Building, made possible by Lokey’s $75 million in donations and $43 million by the California Institute for Regenerative Medicine, is expected to be the largest of its kind.
The end of the year will mark the completion of 18 of the building projects. Among those buildings are the Munger Graduate Residence donated by Charles and Nancy Munger. By 2012 more than 38 projects are scheduled for completion including the Bing Concert Hall and various other learning facilities.
Regarding his gift to Stanford, Lokey said, “I don’t want airplanes and boats and country club memberships. I believe that if you fall into a lot of money like I did, you put it into the soil — you replenish the soil for next year’s crop.”
Via: Mercury News