Bloomberg News

Harvard to Resume Work on Stalled Allston Science Center

June 14, 2012

Harvard University is aiming to resume construction of its science center in the Allston section of Boston in 2014, stalled after its endowment shrank in the wake of the credit crisis that began in 2008.

Work on the science center, once planned to cost more than $1 billion, came to a halt more than two years ago. Harvard Executive Vice President Katherine Lapp announced the construction timeline in a report dated yesterday.

The science center is slated to house expanded laboratories for Harvard’s stem cell scientists and biological researchers from its School of Engineering and Applied Sciences. President Drew Faust called the temporary construction halt in December 2009, after the Cambridge, Massachusetts-based University’s endowment dropped by about a third, to $26 billion from $36.9 billion the previous year. As of June 30, 2011, the fund had $32 billion, making Harvard the world’s richest school.

The building will range in size from 500,000 square feet to 600,000 square feet, and start with about 500 scientists and support staff, the report said.

To contact the reporter on this story: John Lauerman in Boston at jlauerman@bloomberg.net

To contact the editor responsible for this story: Lisa Wolfson at lwolfson@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus