The board of trustees of the University of Massachusetts recently approved a $3.1 billion, five-year capital plan for its five campuses, including approximately $499.2 million for UMass Medical School in Worcester.
Much of the major plans for UMass Medical School are already well known. The 515,000-square-foot Sherman Center, a $405 million research building, is taking shape. Mark Shelton, a UMass spokesman, said the building will be enclosed and heated soon, allowing workers to outfit the interior over the winter. It is slated for completion in late 2012.
Other projects include a $50 million expansion of the campus power plant and a $40 million parking garage that accompanies the Sherman Center.
In the past decade, the nearly 40-year-old campus has grown nearly 50 percent to more than 3 million square feet of space, according to the capital plan.
The 380,000-square-foot Lazare Research Building, the 270,000-square-foot UMass Memorial Healthcare Lakeside Addition and a 250,000-square-foot ambulatory care center have all been major projects over the past 10 years.
The Sherman Center will also help keep research funding coming. Since fiscal year 1998, the school has seen a 134-percent increase in its research awards. It now receives more than $250 million each year.
From state support to private gifts to financing through the UMass Building Authority, the UMass system relies on a combination of revenue sources to accomplish capital projects.
UMass estimates in its plan that the state will provide 29 percent of its capital funding through 2016. Another $1.8 billion will be financed through building authority borrowing. Of that, $1.1 billion has already been borrowed.