State bond, alumnus donation fund Stonehill’s Meehan School of Business
June 20, 2018 : Providence Business News, by Emily Gowdey-Backus
EASTON – With the help of a $25 million tax-exempt MassDevelopment bond and a $10 million alumnus donation, Stonehill College in Bristol County, Mass., has begun consolidation of its business administration courses into and construction of the Leo J. Meehan School of Business.
MassDevelopment, the Bay State’s economic-development arm, announced its support of Stonehill and the purchase of the bond by Century Subsidiary Investments Inc. III in a statement Wednesday.
In a statement, MassDevelopment President and CEO Lauren Liss said: “As academic programs evolve, so should the infrastructure that houses them, and this state-of-the art facility and its high-tech, adaptive classrooms will enhance student learning and better prepare students for their future careers.”
A member of the Class of 1975, Leo J. Meehan, CEO of Brockton, Mass.-based office supply chain W.B. Mason, gifted $10 million for the creation of the institution – which Stonehill announced June 2.
Calling the gift “a monumental boost,” in a statement Stonehill College President John Denning said: “We cannot thank Leo and W.B. Mason enough for their faith in Stonehill and this substantial investment in our future.”
Meehan, who called the 70-year-old Catholic college “one of the best-kept secrets in the country,” said in prepared remarks he plans to support the School of Business and continue to hire Stonehill graduates – whom he believes are “truly [prepared] … for success in the real-world.”
In August, Stonehill announced Providence-based Bond construction firm will manage the building of the new school.
With a $30 million price tag, construction on the three-story, 65,000-square-foot project – which will include “adaptive” classrooms and “cutting-edge technology,” per the release – commenced earlier this spring and is expected to open for the 2019-2020 academic school year.
Per the MassDevelopment statement, proceeds from the bond will be used to tear down existing infrastructure as well as construct and furnish the new facility.
Home to the accounting, finance, international business, management, marketing, economics and health care administration programs, the School of Business will be overseen by Debra Salvucci, current chair of the Stonehill department of business administration.
Establishment of the School of Business is one half of a reorganization by Stonehill, which began in late 2017. Paired with the launch is the establishment of the School of Arts & Sciences, which will be headed by Peter Ubertaccio, a politics professor.