The Stevens Institute of Technology located in Hoboken, NJ is commencing a 10-year expansion plan that it expected to narrow the focus of the engineering school and increase its undergraduate student body by almost 60%. The proposal will be released this Friday and will include a focus on technology, according to Wall Street Journal. 100 professors will be hired and the undergraduate enrollment will be expanded from 2,500 to 4,000. The plan is expected to cost $400 million by its completion in 2022.
Nariman Farvardin, Stevens President, is expected to announce a $10 million gift from Greg Gianforte, software executive and Stevens alumnus, for a new academic building at the university. President Farvardin hopes to make Stevens better known for its technology and to make up for the 16 counts brought against the school by the state attorney general in 2009 for improper borrowing. Both sides settled in 2010.
Farvardin noted that the school has been lacking a clear focus, and said, ”It was somewhat surprising. I would have thought the university would have a much more definitive plan for its future.” A big portion of the new plan is dedicated to focusing on technology in sectors such as health care, defense and finance. Farvardin also sees CornellNYC Tech as an opportunity, not a threat. The plan is expected to add 50 undergraduates a year and build several new buildings on the school’s campus.