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Bloomberg Gifts Cornell Tech $100M, Gets to Name a Building

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It's been a huge week for Cornell Tech and its Roosevelt Island campus. On Friday, construction began on its residential Passive building, and yesterday, new renderings were released for the school's digital technology incubator building, The Bridge. Now, former mayor Michael Bloomberg will announce today that he's making a $100 million donation to the school through his charitable organization, Bloomberg Philanthropies. It's one of the largest donations in the school's history, the president of Cornell University told the Observer.

The major donation comes along with a major perk: naming rights for the campus's first academic building, which will be dedicated to Bloomberg's daughters and henceforth be known as The Bloomberg Center — in honor of Emma and Georgina Bloomberg, the Times reports. Cornell Tech's Roosevelt Island campus was conceived during Bloomberg's tenure as mayor, and is considered to be the culmination of his effort to create a booming tech sector in New York City.

Although $100 million is a heck of a lot of money, it's only a little chip in the $2 billion price tag of the 12-acre campus. The first phase of construction, which includes the 26-story residential tower built to passive house standards, The Bridge, and The Bloomberg Center, is expected to be complete in 2017.