A $3.5 billion construction plan has been unveiled to build a $1.3 billion “construction and development facility” for the state’s largest public university, which will allow it to create 1,200 jobs, according to the New York Times.
The $3 billion project, which is being built in partnership with the city of New York and New York City Economic Development Corporation (NYCEDC), will include a high-rise tower at the Empire State Building, which would accommodate up to 3,000 students, and a pedestrian bridge over the Hudson River.
The project also will be the first large-scale project in New Jersey to employ construction workers from the state.
The project is being overseen by the city’s Economic Development Corp., which has been involved in the development of numerous high-profile infrastructure projects in the state over the past decade.
According to the Times, the project is expected to create at least 1,400 construction jobs and will create about $100 million in local and state tax revenue for the city.
The Times noted that the new facility will be located on a site that will be open to all New Yorkers for the next 15 years.
The state’s Economic Growth Corporation, which has an estimated $4.2 billion in annual budget support, is one of New Jersey’s largest state government entities.
The corporation was founded in 1982 and is one-third funded by the state government.