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Last summer we renovated Kingsbury Academic Building on the NETS campus to accommodate more summer interns and residents, and to provide a library, a conference room, and staff offices. But 10 years ago, I signed the purchase and sale agreement for the campus with fear and trepidation.
Counting the Cost
The initial cost was $3 million. The property was a money pit, with decades of deferred maintenance. I was unsure of the cost-benefit ratio. But how much should it cost to help revive New England and beyond? It seemed worth the risk, and here's why.
When NETS launched 25 years ago, we knew it would be a challenge to recruit couples to the frigid Northeast (there's still plenty of snow on the ground here). We would need to provide housing and, ideally, a stipend. Purchasing property was the most cost-effective option. We bought an eight-unit condo complex, paid it off, offered free housing, and welcomed our first residency class. Some of the most successful internships and residencies in the country now follow this formula.
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