MassDevelopment

Emerson College to Build Residence Hall Thanks to MassDevelopment Bond

July 30, 2015


FOR IMMEDIATE RELEASE

CONTACTS:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

Carole McFall, Emerson College, 617-824-8415
carole_mcfall@emerson.edu

MassDevelopment has issued a $132,935,000 tax-exempt bond on behalf of Emerson College, which will use bond proceeds to build an 89,900-square-foot, 400-bed residence hall at 1-3 Boylston Place; finance site preparation work for construction and renovations to the Little Building residence hall; buy and install an IT system for the journalism studio at 120 Boylston Street; and purchase furniture and equipment. In addition, bond proceeds will be used to refund prior MassDevelopment bonds. These activities will support more than 350 construction jobs.

“Emerson College serves as an emerging catalyst of cultural and economic activities locally, regionally, and nationally,” said MassDevelopment President and CEO Marty Jones.  “As the College continues to grow in size and significance, MassDevelopment is pleased to support its efforts to increase on-campus housing capacity thereby helping to relieve a bit of the burden students place on Boston’s limited housing stock.”

Founded in 1880, Emerson College enrolls 3,750 undergraduates and 750 graduate students from across the United States and 50 countries. Located opposite the historic Boston Common, Emerson is a four-year private college devoted to teaching communication and the arts in a liberal arts context. Emerson students participate in more than 90 student organizations and performance groups, 14 NCAA teams, student publications, honor societies, television stations including the Emerson Channel, and WERS-FM, the nation’s highest rated student-run radio station.

”Emerson College is committed to increasing its on-campus housing with the 1-3 Boylston Place project which will enhance both the College’s and the City of Boston’s housing goals,” said Emerson Vice President for Administration and Finance Maureen Murphy.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.