Roswell Park Cancer Institute Clinical Science Center Named Project of the Month by NY Real Estate Journal
August 7, 2014
Building America CDE, Inc., is providing $9.2 million of New Markets Tax Credits (NMTCs) to help finance construction of a $46.3 million Clinical Science Center at the Roswell Park Cancer Institute on Buffalo’s east side. The new Clinical Science Center will enable the cancer institute to meet the growing demand for both in-patient and out-patient services.
An article in the New York Real Estate Journal highlights the Roswell Park Cancer Institute (RPCI) Clinical Science Center as its July project of the month. The $46.3 million project just reached a major construction milestone as the final steel beam was set in place.
Building America CDE, a subsidiary of the AFL-CIO Housing Investment Trust (HIT), contributed $9.2 million in New Market Tax Credits last September to help build the new Clinical Science Center. The project will generate over 200 union construction jobs through completion.
The new 142,000 SF facility is being built on the RPCI campus in downtown Buffalo, NY. The Center will support clinical care and research as well as new administrative space; an expanded Chemotherapy Infusion Center; a Breast Cancer Care Center providing comprehensive serves and mammography screenings; and a center providing information and survivorship services for RPCI’s 31,000 patients and their families.
The RPCI campus is located in a severely distressed neighborhood with a poverty rate almost four times the national average and a 20% unemployment rate. RPCI has served as an anchor institution in this community for several decades. The completion of the new Clinical Science Center will not only allow RPCI to expand its cancer care and services, but also to create 340 new permanent jobs. Many of these new positions will be filled by local residents of low-income communities. The project is schedule to be completed in early 2016.