DeWITT — Construction has started at Le Moyne College to renovate the school’s Mitchell Hall to house the Madden School of Business.
The school held a short ceremony May 23 to mark the beginning of the construction period.
The first phase, which began on May 20, includes the renovation of Mitchell Hall’s first floor and the transformation of the building’s exterior.
The new academic space will feature a trading floor, a financial-education center, a financial-accounting laboratory, and an applied research and executive-education laboratory, Le Moyne said in a news release.
The cost for the project’s first phase is approximately $5.6 million, according to the school.
Le Moyne College is paying for the project through a combination of financial gifts, borrowing through tax-exempt bonds, and a portion of the $2 million Regional Economic Development grant the school received in 2012.
The business school is named for Michael (Mike) Madden, Le Moyne College class of 1971, who gave the college a $7 million gift in 2012, Fred Pestello, president of Le Moyne College, said during his remarks at the ceremony.
Madden is managing partner of Bloomfield Hills, Mich.–based BlackEagle Partners, LLC.
Capitalism drives the objective of a new home for the business school, and it can take the form of providing the funding for the transformation of this building, Madden said during his remarks.
Another element of capitalism, he added, is to make the world better.
The nation has 500 accredited business schools, Madden said, and even though Le Moyne’s facility won’t be unique as a business school, “we can be unique by producing a student with a different slant and a more well rounded, moderated business education that looks at what we are doing, not just to make money but to make the place a better place to be,” he said.
Le Moyne launched a fund-raising campaign to complement the Madden gift, with a goal of doubling the amount, according to Pestello.
“I’m pleased to announce to you today we have, in just a year’s time, already exceeded that goal,” Pestello said, noting the campaign has so far raised more than $15 million for the Madden School of Business.
Construction crews will complete the first phase by mid-August. Le Moyne plans to have the Madden School of Business available for students when they return for the fall semester, the college said.
Constructed in 1957, Mitchell Hall initially served as the Loyola Hall Jesuit residence and remained in that capacity until 1990. Since that time, the structure has housed administrative offices on the first floor, and student housing on the second and third floors, according to Le Moyne College.
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