Purchase to Lease Land for Senior Housing

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Purchase College President Thomas Schwarz touts plans to bring senior housing to the campus.

Purchase College, State University of New York will be leasing 40 acres of its property to develop a senior residential learning community, as Governor Cuomo signed legislation last month allowing the plan to move forward after eight years of discussions. Three-quarters of the money raised will be put towards student scholarships, potentially allowing the school to double the approximately $1.5 million it gives out in annual scholarships, Purchase President Thomas Schwarz said in a press conference Thursday.

“This is a win-win for us,” Schwarz said. “The ability to double, and I believe frankly more than double, our scholarship funds in and of itself makes this important and successful.”

The land is currently not being used and Schwarz called it “an unusable piece of property” for the school.

Schwarz said eventually a request for proposals will go out to find developers interested in the land.

 

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