(Updates with comment from Stanford’s president in third paragraph.)
Oct. 26 (Bloomberg) -- Stanford University entered a New York City competition with a proposal for a $2.5 billion applied-sciences and engineering campus that would emphasize bringing discoveries to market.
The university near Palo Alto, California, is committing $200 million to the plan for StanfordNYC on Roosevelt Island in the East River, according to an e-mailed statement today. If selected, Stanford would start a 10-year fundraising campaign to finance and endow the institution focused on graduate teaching and research, the statement said.
“StanfordNYC has the potential to help catapult New York City into a leadership position in technology, to enhance its entrepreneurial endeavors and outcomes, diversify its economic base, enhance its talent pool and help our nation maintain its global lead in science and technology,” Stanford President John Hennessy wrote in a letter to Mayor Michael Bloomberg.
The mayor of the largest U.S. city invited proposals from universities in July, offering land and $100 million in infrastructure improvements in exchange for a “world class” science and engineering campus. Stanford, which helped spawn California’s Silicon Valley of computer and electronics companies, is among at least 27 schools that expressed interest.
The university proposed beginning operations in 2013 through a partnership with the City College of New York, which would be its temporary home. Silicon Valley venture capitalists have indicated that they would follow Stanford to New York City, according to the university.
A campus project might spin off 400 new companies and create more than 7,000 construction jobs and more than 22,000 permanent jobs in its first 30 years, Bloomberg said at the time.
“We are encouraged by the enthusiasm we have seen from a number of different institutions during this competition, and believe that it serves as a further vote of confidence in New York City and its future,” David Lombino, a spokesman for the city’s Economic Development Corp., said in an e-mail.
Also bidding is Cornell University, based in Ithaca, New York, which is teaming with Technion in Haifa, Israel. They propose to begin classes in 2012 and expand to 2 million square feet for almost 2,000 students on Roosevelt Island, according to an Oct. 18 statement from Cornell.
The deadline for submissions is Oct. 28 and the corporation hopes to select a partner by early January, Lombino said. He declined to identify institutions that have entered the competition.
The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.
--With assistance from Oliver Staley in New York. Editors: Stephen Merelman, Mark Schoifet
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