Redefining Our Downtown Campus
Introducing Our New Building on Nassau Street.
We’re excited to announce a new building featuring a brand-new residence hall with suite-style housing, an up-to-date dining facility, a state of-the-art library and learning center, modernized classrooms, and new academic and common spaces. It’s a major step forward in improving our living and learning environment downtown, to be developed over the next several years. The new Nassau Street building will be built by a developer, to our specifications and for our use. We’ll soon start a collaborative, community-wide process to determine the exact programmatic uses, guided by the new Strategic Plan.
The Nassau Street building will be built to the highest environmental and efficiency standards and in compliance with all codes including forthcoming obligations under the revised New York City Energy Conservation Code.
Ibi Yolas, Vice President of Facilities and Capital Projects, and her team will be meeting with students, faculty, and staff to detail the projects and timelines.
Once the new building is complete, we’ll sell development rights on One Pace Plaza and then take down One Pace Plaza east, including Maria’s Tower.
One Pace Plaza East is more than 50 years old and requires more than $100 million in renovations and upgrades. By replacing it, we’re saving that money and gaining brand-new spaces. Selling unused development rights—which cannot be transferred off this parcel— allows us to fund the project and add to our endowment. We’ll take advantage of the three years of Nassau Street construction to figure out the best use of the east side of One Pace Plaza to support our future plans.
Why are we doing this?
- Pace students, faculty, and staff deserve new, modern buildings to study, live, and work in. The new building will essentially replace One Pace Plaza East, which is more than 50 years old.
- We’ll unlock about $200 million or more in unused development rights on Pace Plaza.
- The new building will be built before any work starts on One Pace Plaza East, making this a far less disruptive option than renovating One Pace Plaza East while it remains in use.
- We’ll avoid $100 million in required renovations and upgrades on One Pace Plaza East.
- We’ll be able to do all this without spending any tuition dollars or taking on new debt.
What’s the projected timeline?
- Nassau Street planning begins now. Construction starts January 2021, with occupancy planned for September 2023.
- Work on One Pace Plaza East begins only after all operations in One Pace Plaza East have moved to the Nassau Street building.
- We’ll soon start collaborative, community-wide discussions on the best programmatic uses of the academic spaces, informed by the new Strategic Plan.
How was this decision reached?
- As this plan was developed, it was discussed and approved by the NYC Master Plan Advisory Board, which is composed of faculty, staff, and students; and the Administrative Affairs and Finance Committees of the Board of Trustees, which both include faculty representation. It was also considered by a special committee of the Board of Trustees and approved by the full Board of Trustees on December 11, 2019.
- We considered several different options from financial and logistical perspectives, and it was clear that this plan gives us the best outcome for our students, faculty, and staff in the most financially responsible manner, while minimizing disruption.
How does this fit into the rest of the NYC Master Plan?
- We’ve already transformed the public spaces on One Pace Plaza West. All of that will remain.
- This summer, we’re rebuilding floors four, five, and six of One Pace Plaza West, to create modern, tech-enabled academic spaces and offices for Lubin.
- We’re also reconfiguring and overhauling parts of 41 Park Row, to build on the transformation we already started there in Phase I of the Master Plan.
- In late 2022, we’re taking over the remainder of 161–163 William Street, and the landlord will create a new Pacebranded lobby for the building.
- We’re making our presence more widely known in the neighborhood, even as we’re consolidating our footprint into a more efficient use of leased space.
And what about the theater in One Pace Plaza?
- Everything in One Pace Plaza East will be up and running on Nassau Street before the building comes down, except a theater. Floorplates in the new building aren’t big enough to accommodate a theater.
- Our performing arts programs are a big part of Pace and integral to our future. We’re committed to finding other performance spaces for our students to use during construction. We’ll figure that out before the One Pace Plaza East work starts in three years.
- The long lead time and collaborative planning process will give us the opportunity to ensure all of our students will always have access to the professional-quality performance spaces they need.
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