ASU spends $35 Million for New Campus Building in D.C.

The president of Arizona State University had already decided years ago that he wanted a building closer to the United States Capitol. Spending $35 million total, a historic building located no more than 10 minutes walking distance from the White House was chosen and renovated as a new addition to ASU. Named after Ambassador Barbara Barret and retired U.S. Supreme Court Justice Sandra Day O’Connor, the Barret and O’Connor Center is located at I St and 18th St. At 35,000 square feet and 8 stories tall, the building is home to many programs and gives students more access to global organizations, for example the International Monetary Fund and World Bank provide internships, they also happen to be within walking distance.

ASU Enterprise Partners chief executive officer announced that almost 80% of about $600 million dollars in research funding comes directly from Washington D.C. This saves the school money after spending almost $600,000 per year for leasing space at Dupont Circle and the previous space for the McCain Institute inside Council on Foreign Relations. The new building will cost $2.5 million to rent, but the university has already paid over 1.2 million while construction was underway.

The project was funded by about $35 million in government backed bonds, through a company called the Industrial Development Authority, who acts as co-signer to a loan. Since completion, the entire unit has been gutted and rebuilt from the inside, and the project is now worth more than the $25 million that it cost to renovate. Although some are critical of the out-of-state college building, the Phoenix Industrial Development Authority has also provided funding through bonds to Texas, New Mexico, New York, New Jersey, Kentucky, Georgia, Illinois, Indiana, Nevada, South Carolina and Guam. However, most projects happen in-state.