Forest City Named 'Master Developer' of Cornell Tech

NEW YORK CITY-Cornell University announced on Monday that it had reached a preliminary agreement with Forest City Ratner, naming the real estate firm the “master developer” for the initial phase of its proposed Cornell Tech project on Roosevelt Island.

The agreement calls for Forest City to take over the responsibilities involved in constructing a 150,000-square-foot classroom building for Cornell University, which is projected to cost $200 million to complete. The developer will also build and own a 200,000-square-foot building that is intended for private high-tech tenants engaged in endeavors that mirror subjects the university is teaching its students, according to Crain's New York Business. Forest City will also oversee the development of infrastructure and open space at the new Cornell campus.

"This level of private sector investment in the campus and... validates the campus' enormous economic development potential for New York and ensures that we will have a vibrant mix of activities when the campus opens in 2017," says Cathy Dove, vice president of Cornell Tech, in a statement. "We expect that leading-edge companies large and small will be drawn to the innovation and energy of Cornell Tech, helping to accelerate the already rapid growth of New York's tech sector." See story in Crain's New York Business.