MassDevelopment Bond Helps Emerson College Expand in Boston
February 1, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Carole McFall, Emerson College, 617-824-8415
MassDevelopment has issued a $207,555,000 tax-exempt bond on behalf of Emerson College, a Boston school with global programs dedicated to liberal arts, communication, and the arts. Emerson is using bond proceeds to build an 18,000-square-foot dining facility on Boylston Street, and to make repairs and renovations to its Little Building residence hall at 80 Boylston Street. Renovations include repairing exteriors, replacing interior stairwells, installing a new fire safety system, and adding approximately 290 undergraduate beds. The college is also using proceeds to buy land at 555 Washington Street under the Paramount Center complex.
“Massachusetts is nationally recognized as a leader in academics and higher education thanks to institutions like Emerson College,” said MassDevelopment President and CEO Marty Jones. “We are pleased to provide this low-cost financing to help the college expand with new facilities and student living space that will reduce the burden on Boston’s rental market and support a future generation of leaders.”
“The new, multipurpose student dining center and residence hall projects, which includes the Little Building, will further enhance the student experience and create a vibrant streetscape for community members, neighbors and the thousands who visit the Boston Common and Theatre District each year,” said Emerson Vice President for Administration and Finance Maureen Murphy. “Annual revenue, low overhead, diversified revenue sources, and record fundraising have put Emerson on strong financial footing, making it possible for the school to take on these important projects.”
Based in Boston opposite the historic Boston Common and in the heart of the city’s Theatre District, Emerson College educates individuals who will solve problems and change the world through engaged leadership in the liberal arts, communication, and the arts. The College has approximately 3,500 undergraduates and 670 graduate students from across the United States and 50 countries. Supported by state-of-the-art facilities and a renowned faculty, students participate in more than 90 student organizations and performance groups. Emerson is known for its experiential learning programs at Emerson Los Angeles, located in Hollywood, and at its beautifully restored 14th-century castle in the Netherlands. Additionally, there are opportunities to study in Washington, D.C.; London; China; the Czech Republic; Spain; Austria; Greece; France; Ireland; Mexico; Cuba; England; and South Africa. The College has an active network of 37,000 alumni. For more information, visit emerson.edu.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.