The New Jersey Educational Facilities Authority (NJEFA) approved the preliminary purchase of two revenue bonds from Seton Hall University on Wednesday which would generate nearly $109 million in capital for the University.
According to the 175 page preliminary official statement issued by the NJEFA on May 27, the University would sell one Series C tax exempt bond worth $32.7 million and one Series D federally taxable bond worth $77.2 million to raise cash to begin work on several construction and renovation projects both on and off campus.
One of the major projects set to take place would be the construction of a new off-campus dorm which would replace Turrell Manor and be situated at its present site, as well as on top of the site of the 525 South Orange Ave. building. According to the filing, the University is planning for the first floor of the new residence hall to contain public commercial space, such as a new bookstore and expanded commuter sales space.
The plan also includes a 43,000 square foot renovation of the Richie Regan Athletic Center Field House to include an addition to the building that would house a new practice basketball facility which would include a full practice court as well as side courts, new administrative offices and new player locker rooms, among other amenities.
In addition to the renovations to the Athletic Center, the University is also planning extensive renovations to the University Center’s exterior to match the University’s standard brownstone bricks and interior renovations to common areas. The University also included extensive plans to renovate Boland Hall South to update the nearly 156 dorm rooms housed in the south section of the building and the eight common bathroom facilities.
Though the University has been approved to sell the bonds, it still remains unclear as to when construction on the various projects could begin. Currently, Seton Hall has a hold placed on all non-essential construction spending as a result of the COVID-19 outbreak.
Seton Hall officials did not immediately respond to a request to comment.
Nicholas Kerr can be reached at email@example.com. Find him on Twitter @nickdotkerr.