JERSEY CITY — Downtown Jersey City, also known as “Wall Street West,” will now serve as more then just a financial hub for New Jersey.
It will be a classroom.
New Jersey City University has announced plans to open a new school of business at 2 Harborside Plaza next to the Exchange Place PATH station in time for the fall 2015 semester.
“The NJCU School of Business will be part of the business community in an exciting, world-class environment where students will study with top scholars and practitioners and learn to become future business leaders.” NJCU President Sue Henderson said in a statement. “The benefits of this new development are beyond measure for our students, faculty, and corporate partners.”
The school signed a 20-year lease with Mack-Cali Realty in December on a 70,000-square-foot facility formerly occupied by JP Morgan. According to NJCU Vice President for Advancement Daniel Elwell, the building is currently being gutted and renovated to include new plumbing, electrical, and IT setups.
Once complete, Elwell said the facility will be state-of-the-art and feature 10 academic instructional rooms outfitted with smart boards and the most up to date computer systems. There will also be a 300-seat auditorium, a trading floor used to simulate real-life Wall Street environment, and Bloomberg terminals used to monitor and analyze real-time financial data.
Elwell also said the move to Downtown Jersey City has given the university new partnerships with JP Morgan, Provident Bank, and Wyndham Hotels, with more prospective partners continuing to reach out. These partnerships will allow NJCU to offer new internship, scholarship, and mentoring programs with the Downtown financial institutions for its students.
The university has also hired new business and finance faculty and has plans to expand its honors finance and graduate programs.
“The NJCU Business School vision is to provide a career minded education,” said Elwell, who considers the move a once in a lifetime opportunity. “By being in the financial district we are preparing our students for the real world. Being here they will have opportunities that nobody else will have.”
Elwell said the new business school represents NJCU’s commitment to its growing enrollment, particularly in business. Over the past five years, business school enrollment has grown 15 percent overall and now has 850 students, or 10 percent of NJCU’s overall enrollment.
NJCU spokeswoman Ellen Wayman-Gordon said the business school’s enrollment is expected to double over the next decade as a result of the new facility.
“The reason we are making this investment and growing is because we have seen the demand from our students,” said Elwell. “The business school is on such an upward trajectory, that it could one day be the largest and most impactful schools of business in state of New Jersey.”
The new facility will replace the current school of business on the NJCU campus. That building, which Elwell says is only about 40 years old, will be taken over by NJCU’s nursing school, which Wayman-Gordon says has seen massive growth in enrollment over the past five years.
The NJCU School of Business, established in 2013, comprises four independent departments: finance, accounting, management, and marketing, in addition to the Peter G. Mangin Real Estate Institute and the NJCU Small Business Development Center.
The new facility will have its main entrance on Hudson Street with a large marquee saying “NJCU.”
Follow Matthew Speiser on Twitter @Spyzguyz for more Hudson County news.