The Hudson Cos and the Related Cos are closing in on a $105M loan to finance construction of a 26-story residential building at the new Cornell Tech campus on Roosevelt Island.
The 270-foot, 350-unit tower will house graduate students and will be the world’s largest “passive house” building.
Wells Fargo is providing the loan, which is expected to be finalized within the next few weeks, The Real Deal reports.
The “passive” design does not use active heating or cooling and instead constantly circulates air within an airtight system, cutting energy costs by over 90%.
All told the building is expected to cost about $115M.
The broader Cornell Tech project involves several developers and architects, and has a final price tag of about $2B. Former NY Mayor Michael Bloomberg donated $100M to the project last summer.
Some of the 2M SF campus is expected to open in summer 2017, but the three-phase project won’t fully wrap up until 2043. [TRD]
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