ArtCenter college secures $103M in bonds for Pasadena campuses

School earmarking $42M for upgrades as part of major expansion effort

TRD LOS ANGELES /
Aug.August 08, 2018 10:30 AM
Rendering from Michael Maltzan Architecture

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


Related Articles

arrow_forward_ios
Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

From left: Brian Hecktman, founder and CEO of Graymark Capital and Lone Star Funds founder John P. Grayken with the building

Graymark Capital buys big Pasadena office complex in R&D hub

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

arrow_forward_ios
Loading...