The New York Times
December 26th, 2010
Pace University signed an agreement with a developer this week to build a 24-story residence hall in Lower Manhattan as part of a plan to consolidate its far-flung operations and create a downtown campus. Demolition has already started on a small building that occupies the dormitory site at the corner of Broadway and John Street, five minutes from City Hall.
Pace signed the deal with SLGreen Realty, a real estate investment trust and the city’s largest commercial landlord. SLGreen owns the land and will build the residence hall, selling Pace a condominium interest in the property.
The building is part of the school’s plan to put all of its resident students within a five-minute walk of the main buildings near City Hall. The residence hall, which is scheduled to open in 2013, will replace about 600 beds Pace now leases at the St. George Hotel in Brooklyn Heights. Although Pace has long been known as a commuter school, more than half its 4,500 full-time undergraduates now live in dorms.
The school already has three residences downtown. Earlier this year Pace hired David A. Falk, a broker with Newmark Knight Frank, to find a suitable site. The new residence hall, designed by Karl Fischer Architect of Montreal, will have student rooms on 20 floors and an activity floor. The three bottom floors will be for retailers.
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Ron Denaro is the president of College Campus Trips, a tour company providing high school students with tours of college campuses, nationwide. For more information, call (954) 567-5751 or e-mail: ron@collegecampustrips.com
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