I am very pleased to announce that we are moving forward with our project to renovate and transform the east side of One Pace Plaza. This reimagination will create new academic spaces for the Dyson College of Arts and Sciences; a modernized Maria’s Tower residence hall; and a new, state-of-the-art Performing Arts Center that will serve our performing and creative arts programs and act as a central gathering space for our community and our neighborhood.
The Board of Trustees approved the project at its meeting yesterday. While the final details of the renovation are still in development—and we will continue our conversations on how to best accommodate all programmatic needs—here is the broad outline:
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We will completely reconstruct the lower floors of One Pace Plaza East, creating an inviting and modern building with classroom and creative arts spaces, collaboration spaces, and a Performing Arts Center that will include a proscenium theater to replace the Schimmel Center, plus other theater and support spaces. This provides the up-to-date instructional, creative, and performance spaces we need, and it keeps our large gathering space—used by the entire University and the broader community—at the center of our campus.
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We will also renovate and upgrade Maria’s Tower, providing additional, desirable residential spaces for our students. This added capacity, when combined with the addition of 15 Beekman, will allow us to exit the leased residence hall at 55 John Street.
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When we’re done, we will have fully modernized One Pace Plaza, including replacement of its outdated central plant, and taken a big step toward reducing our carbon emissions. All code issues—present and upcoming—will be addressed for the entirety of One Pace Plaza. It is important to note that regardless of whether we complete this major renovation, we are obligated to complete this code work by 2027.
We anticipate that construction will start in the fall of 2023, after the move into 15 Beekman, and be completed in early 2026. We recognized that some operations will be displaced during this period, and we will continue to work with those units, including science department chairs, to find good solutions.
Our Campus Planning and Facilities team has spent many months meeting and consulting with affected stakeholders while conceptualizing this project. As we move forward and further develop plans, we will continue to meet with representatives of Dyson College, the New York City Faculty Council, and the students, faculty, and staff in our performing and creative arts programs and other affected programs.
We are confident in the financial plan we have in place for this ambitious project, including money set aside in our construction fund and the ability to issue debt. By including the Performing Arts Center in the project, we have also opened significant fundraising opportunities, including a $25 million commitment from New York State over five years and a $5 million federal appropriation pending in the 2023 budget. We will also launch a targeted fundraising campaign that we are confident can raise at least $50 million.
This project is a major step forward for Pace University and for Dyson College. It will deliver the facilities our students need and that will keep us competitive in the marketplace. And it will do so in a way that is financially responsible.
I am excited for this next chapter, and I look forward to continued discussion in the coming days, weeks, and months. Together with other leaders, I’ll be at New York Faculty Council and the Faculty and Staff Community Conversation next week, and we’ll be holding other forums for discussion with faculty, staff, and students.
