What Will the Trinity Academic Center Cost?
$55 million is the estimated cost for Phase 1.A and Phase 1.B – which includes the new classrooms, laboratories, and auditorium, as well as demolition of the Science Building and related site work including landscaping and parking lots.
While $55 million is a very large price tag for a project at Trinity, in fact, the cost comes to $467 per square foot, which is quite modest for an academic building with science laboratories today. Similar buildings on other campuses range upward of $1,000 per square foot or more, and such projects can easily reach toward $100 million total. Trinity’s traditional conservative approach to spending will ensure that this project stays within realistic cost parameters.
How Will Trinity Pay for the New Trinity Academic Center?
To take advantage of favorable construction costs in the current environment, Trinity’s board and management team seek to move the project from concept to construction as quickly as possible. However, the timing of actual construction depends on:
- A capital campaign that seeks a minimum of $30 million to support this project, with a firm requirement of at least $15 million cash-in-hand before the board will approve moving ahead with securing other project financing.
- Additional financing to support this project, a move that will depend heavily on fundraising success and continuing enrollment growth.