New York City has selected Cornell University to receive a $100 million grant and city land for a technology campus on Roosevelt Island.
The grant is part of the Applied Sciences NYC initiative, which "seeks to increase New York City's capacity for applied sciences and transform the city's economy,” the New York City Economic Development Corp. said in a statement.
The university will run the campus in partnership with Technion-Israel Institute of Technology. Cornell plans to open the Roosevelt Island campus by 2017, but will open an off-site location next year.
Stanford University was another top contender for the project, but it dropped out of the competition last week. The city is reportedly still working with New York, Columbia, and Carnegie Mellon universities to help them “realize their proposals in some way.”