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Cornell-Technion selected to build major science grad school in NYC

An artist’s rendering of Cornell University’s proposed science

An artist’s rendering of Cornell University’s proposed science and engineering campus Photo Credit: An artist’s rendering of Cornell University’s proposed science and engineering campus.

Roosevelt Island, known for its iconic tram and sweeping view of Manhattan's East Side, will get a major makeover courtesy of Cornell University.

The Ivy League school is joining forces with the Technion-Israel Institute of Technology to build a 2 million-square-foot science and engineering campus for grad students, city officials announced Monday. The initiative is part of the Bloomberg administration's goal to turn New York into a tech hot spot to rival Silicon Valley.

"By adding a new state-of-the-art institution to our landscape, we will educate tomorrow's entrepreneurs and create the jobs of the future," said Mayor Michael Bloomberg at a news conference at Weill Cornell Medical College on the Upper East Side.

Cornell-Technion was chosen among seven candidates that made proposals. The campus, which will include student housing, will be built in stages and won't be finished for another 30 years.

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Here are some key stats for the planned site:

$2 billion Anticipated cost of the project

2017 The year the school's first phase is scheduled to open

8,000 Permanent jobs to be created

2,500 Students expected to enroll in the school

$150 million Amount of a fund that will help new tech startups that are created on the campus

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