Framingham State Dorm Benefits From Bond Rating | New residence hall scheduled for completion in 2010
PHOTO/BRANDON BUTLER
A new $47 million dorm at Framingham State University rises along Route 9.
Construction of a new $47 million, 400-bed residence hall at Framingham State College - recently renamed Framingham State University - is ahead of schedule and under budget, according to state and college officials working on the project.
Thanks to an improved bond rating from national rating agencies, the Massachusetts State College Building Authority (MSCBA), which manages construction projects for the nine state universities, saved about $6.3 million in interest on a $140 million bond that will be used to pay for the FSC dorm and a handful of other projects around the state.
Meanwhile, on the construction front, Milford's Consigli Construction Co. Inc. broke ground on the project last year by demolishing a parking garage where the new 129,000-square-foot residence hall will sit. Workers are hoping to finish the exterior of the seven-story dormitory by the winter so that interior work can be done in the cold-weather months. The dorm, which can already be seen towering above Route 9, will be ready for students to occupy it in about a year.
High Marks
Last year, Moody's and Standard & Poor's each increased their bond ratings for the MSCBA from upper-medium-grade to high-grade ratings. The Moody's rating went from an A1 to an AA2 and the S&P rating went from an A+ to an AA-, according to MSCBA executive director Edward Adelman.
Adelman said the upgrade allowed the MSCBA to get about a 3.75 percent interest rate on the 30-year bond that was used to fund the new construction at FSC and the Massachusetts College of Art and Design. Another 20-year bond will pay for repairs to an athletic facility at Bridgewater State University.
Dale Hamel, senior vice president of administration and finance at FSC, said those savings will ultimately be passed on to students at the school. Projected room and board rates for the residence hall have benn reduced by about $150.
"This project really meets our growing enrollment, and offers some alternative housing options for upper-class students," Hamel said.
The new residence hall will feature suite-style rooms and will meet LEED (Leadership in Energy Efficiency and Design) certification requirements, according to Jeff Navin, a project executive with Consigli Construction. The building will also have a geothermal cooling system and will use large windows to reduce the need for installed lighting.
Consigli workers have been busy this summer, not just at FSC but with a handful of academic projects around the state.
The finishing touches are being put on a $24 million expansion to Dowden Hall at Worcester State University. That will increase the number of beds in the dormitory to more than 400 and make it the largest dorm on campus when it opens this fall. Consigli is also working on the new Southbridge Middle and High School, as well as renovations and repairs at Wellesly College and the Newman Elementary School in Needham.
Navin said academic construction has remained strong compared to more traditional commercial construction, which has slowed in recent years.
"Like all [construction managers], we feel the economic pressure," Navin said. "But overall our academic division has done well and we've continued to grow even through the downturn."
He said some institutions may not be building as many new buildings, but they are still looking to do deferred maintenance work and other projects that could help improve energy efficiency in an effort to save money in the longer term.
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