Stevens Institute of Technology Uses Green Bond for Campus Upgrades
Stevens Institute of Technology in Hoboken, New Jersey, issued the New Jersey Education Facilities Authority’s (NJEFA) first-ever green bond in the Spring of 2020. This bond will help fund the construction of on-campus housing and a multi-purpose center. A green bond is a fixed income instrument, that is designated to raise money for climate and environmental projects.
Stevens will use the $174,315,000 green bond to finance the largest construction project in its history: two new student residential towers and a three-story university center, all designed to achieve LEED Silver certification. This project is a continuation of other sustainability initiatives that Stevens has completed, which have included power-generating solar panels on the roofs of the athletics facility and library, electric vehicle charging stations, and LEED Gold certification in 2019 for the Academic Gateway Complex.
Once complete, the two residential towers will accommodate approximately 1,000 students. The 75,000 square foot university center, located at the base of the towers, will provide students, faculty, and staff with a multi-purpose event space, dining facilities, retail space, fitness center, and study areas. The three new buildings are expected to be operational by April 2022.
More information about the Stevens green bond can be found here.More Less