The ArtCenter College of Design moved a step forward in its renewal plans, securing $103 million in bonds, of which $42 million will pay for upgrades of facilities at its two Pasadena campuses.
The bulk of the funds will go toward physical improvements, including renovating two buildings on the south campus and a steel and glass bridge on ArtCenter’s hillside campus north of downtown Pasadena, according to the Los Angeles Business Journal.
The school plans to use some of the money to convert part of an old wind tunnel into classroom and design space for the school’s transportation design department.
The remaining $61 million will be earmarked for refinancing existing debt.
The California Educational Facilities Authority issued the bond package, which was rated Baa1 from Moody’s Investor Service prior to the bond sale, according to the journal.
The financing deal comes one month after Pasadena city officials approved a major expansion plan for the 88-year-old art design school. It will add a handful of new buildings, a 300-seat theater, art galleries, more classrooms, a library, and as many as 1,500 new student housing beds.
The 15-year master plan is being designed by L.A.-based Michael Maltzan Architecture, according to the school’s website.
The ArtCenter is a nonprofit, private college with 2,100 students which specializes in transportation-related design. [LABJ] — Alexei Barrionuevo