Polytechnic University launches $150M capital campaign

Real Estate Weekly, June 4, 1997

Construction of new Polytechnic facilities and the modernization of existing buildings have been the missing elements in completing MetroTech, a university-industry park whose 16 acres make it the nation's largest such center in an urban setting.

"Governor Pataki and I salute Polytechnic for embarking on this bold campaign," Charles A. Gargano, chairman of the Empire State Economic Development Corporation, said. "Polytechnic's long-awaited rebuilding is the final step in completing the vision for MetroTech, which has dramatically reinvigorated and revitalized downtown Brooklyn. MetroTech truly is a shining example of what can be accomplished in New York State when academia, business and government work together for the common good."

Brooklyn Borough President Howard Golden said, "Polytechnic was a vital partner in the planning and development of MetroTech Center in downtown Brooklyn. This capital campaign will build on the success of MetroTech, a national model for urban renewal, and ensure that this outstanding university maintains its leadership in education and research as it moves into the 21st Century."

Gargano and Golden were among the many dignitaries who supported Polytechnic officials, benefactors, staff, students and alumni in their kick-off of the campaign for Polytechnic, entitled "Fulfilling the American Dream."

In the mid-1970's, Polytechnic University conceived the idea to create - in a blighted section of downtown Brooklyn - what today is the economically vibrant MetroTech Center. MetroTech is also home to technology-dependent organizations, including Brooklyn Union, Bear Stearns & Co., Securities Industry Automation Corp., the New York City Police Department 911 Answering Center; New York City Fire Department headquarters; and the U.S. technology and operations functions of Chase Manhattan Bank. A new Marriott Hotel is scheduled to open in 1998 directly across from MetroTech Center, adding further vitality to downtown Brooklyn.

"What is good for Polytechnic is good For MetroTech and Brooklyn," said Polytechnic President David C. Chang. "This campaign is vital to our future and to the future of downtown Brooklyn. We aspire to be recognized for producing superbly educated technical and industrial leaders and for conducting cutting-edge research in selected engineering disciplines, including telecommunications, polymers/materials, infrastructure and financial and environmental engineering."

Dr. Chang also congratulated Dr. George Bugliarello, who as president of Polytechnic from 1973 to 1994 originated the idea for a MetroTech Center and led the campaign to make it a reality. Dr. Bugliarello today is chancellor of the university.

The campaign goal of $150 million is already well on the way toward being met, thanks to lead gifts of $70 million, of which $20 million represents gifts from Polytechnic trustees. The remaining money are gifts from early donors, foundations and corporations.

The capital campaign will enable Polytechnic University, founded in 1854 and the nation's second oldest private science and engineering school, to do the following:

* Invest in the physical and information infrastructure essential to a world-class learning institution and compatible with MetroTech's technology orientation.

* Enroll and educate the brightest, most motivated high school graduates to become tomorrow's leaders.

* Reinforce Polytechnic's excellence in research and technology and transfer it to interdisciplinary areas where it can realistically be among the nation's best.

* Lead the nation in reforming engineering curricula and in providing life-long educational opportunities in technology-related fields for working professionals.

Specifically, capital campaign funds will support Polytechnic's efforts in several areas, including:

* $53 million for capital projects, including academic, residential and recreational facilities.

* $70 million for endowments for facility chairs and scholarships.

* $12 million educational initiatives and new equipment for classrooms and laboratories.

* $15 million for The Polytechnic Fund to support a wide variety of educational objectives and programs.