CAMBRIDGE, Mass.--(BUSINESS WIRE)--Phi Beta Epsilon Corporation, the alumni association of the Phi Beta Epsilon fraternity at MIT, today announced that it has selected its contractor and secured financing for its Vision 2020 renovation of the fraternity house at 400 Memorial Dr. in Cambridge. This $7.2 million project will include a complete renovation and modernization of the structure, which was originally built in 1916 and last overhauled in 1970. Site preparation, long lead time ordering, and storage of furnishings has been proceeding through January in preparation for demolition and construction activities. The construction schedule calls for occupancy by up to 45 residents in time for the MIT fall term beginning in September, 2013.
"We believe that this project will be a benchmark for enhancing the student experience within independent living group housing at MIT," said Robert Steininger '76, Co-Chair of the Building Committee. The project, designed by Alan Joslin '77, includes many features recommended by the fraternity's undergraduate body, including specially designed areas to support academic collaboration; advances in virtual classroom technology; accommodations for nonresident members; and a greater variety of living spaces. Renovations also include disability access throughout, innovative sustainability technology, and a complete structural renewal. Full plans may be seen on the Epstein-Joslin Architects' website, www.epsteinjoslin.com/housing/phi-beta-epsilon-house-at-mit.
Financing for the project has been achieved through alumni donations and the lending facilities of the MIT Independent Residence Development Fund. "The scope and quality of this project is a testament to the strong support of alumni for the mission of the fraternity," said Mark Beasman '75, Co-Chair of the Outreach Committee. To date, a majority of living alumni of PBE have contributed to the project. "We are also extremely grateful to the IRDF for its support of the project, which is critical to its success," he added. The Vision 2020 fundraising campaign will continue through April 2013 to achieve the broadest possible alumni participation and minimize long term indebtedness associated with the project.
Phi Beta Epsilon, established in 1890, is MIT’s oldest local fraternity founded exclusively by and for MIT students. Phi Beta Epsilon is a member of the MIT Interfraternity Council. The Phi Beta Epsilon Corporation is the association of the house's alumni which owns and maintains the fraternity house at 400 Memorial Drive in Cambridge, MA, and provides the undergraduate body with strategic support and mentoring. Additional background may be found on the fraternity’s website, http://pbe.mit.edu.
Epstein Joslin is an architectural and design firm located in Cambridge, MA, with long experience in designing programmatic and residential facilities for educational and not for profit institutions.