May 22nd, 2014 | University

Fundraising for new colleges nears final stages

Fundraising for the two new residential colleges will be completed in the near future, according to University officials.

The residential colleges, to be located behind the Grove Street cemetery, remain more expensive than most residential construction projects at Yale’s peer institutions in recent years. And with a price tag of approximately $500 million, the new colleges are also among the most expensive capital projects on any single site in Connecticut. Still, the half-billion dollar cost will be entirely funded through donations.

While Yale spokesman Tom Conroy would not disclose the precise amount raised, he told the Associated Press that Yale is close to reaching its goal.

Last September, Charles Johnson ’54 gave $250 million towards the construction of the new colleges — the largest donation in University history. At the time, University President Peter Salovey said that although Johnson’s gift left $80 million in uncovered costs for the project, the donation was likely to incite a rush of further donations.

When the new colleges are finally completed, Yale’s enrollment will increase by approximately 15 percent, or 800 students. According to a report released by the Ad Hoc Committee on Yale College Expansion, the 800 additional students will generate $30 million in net revenue for the University. The report said that the increased operating costs associated with supporting the additional students cannot exceed that figure.

The University plans to begin construction of the new colleges in February 2015 and finish the project by August 2017.