Stanford University announced Friday that it has withdrawn its application to build a campus extension in New York.
The plan was to build a graduate-level engineering and applied sciences campus on Roosevelt Island.
The University declared its interest in developing a $2.5 billion, 1.9 million-square-foot campus on Oct. 26, 2011.
Since then campus leaders had been negotiating with Mayor Michael Bloomberg's office to develop a fundraising and outreach plan that would have facilitated a relationship between Stanford University, Silicon Valley entrepreneurs and New York-area schools.
Stanford President John Hennessy said that while he was grateful for the tremendous effort put forth by New York city leaders, ultimately, the opportunity was not in the university’s best interests.
“Stanford was very excited to participate in the competition, and we were honored to be selected as a finalist,” Hennessy said. “We were looking forward to an innovative partnership with the city of New York , and we are sorry that together we could not find a way to realize our mutual goals.”
Mayor Bloomberg and the New York City Economic Development Corp. called for proposals to develop the city-owned property in July 2011, which inspired 27 universities to submit a proposal.
The campus would have been about 20 minutes from Manhattan.