Following the news that it will keep its accreditation, Cheyney University, in an effort to solidify its finances, has started looking into options for some of its unused and underutilized real estate, writes Natalie Kostelni for the Philadelphia Business Journal.
This is a part of the university’s larger strategy to re-establish itself as a premier academic institution and generate funds to pay down debt and balance its budget.
As part of the strategy, the nation’s first and oldest historically black college is attempting to attract life science and technology companies to lease space on campus to bolster the institution’s career-informed curriculum. This would provide many benefits for students, including internships and paid jobs.
One public-private partnership has already been formed with Navrogen, a biopharmaceutical company that will make Cheyney’s science center home to its research and development arm.
The school is also planning to use the land for new development, possibly including a $35 million regional sports complex adjacent to its athletic facilities, as well as a solar farm.
“We’re on a journey to transform Cheyney,” said Cheyney President Aaron A. Walton. “The old model did not work.”
Read more about Cheyney University in the Philadelphia Business Journal here.