NEW HAVEN, Conn. (AP) — Yale University says it’s closing in on its fundraising goal for a nearly $500 million project to build two new residential colleges in what will be the Ivy League school’s largest expansion in more than 50 years.
The new colleges will allow the school to admit about 15 percent more students each year.
Yale officials are hoping to start construction next February and complete the colleges by August 2017.
A Yale spokesman would not disclose the precise amount raised, but says the school is close to its goal.
The project received a major boost last year with a $250 million gift from Charles B. Johnson, a 1954 graduate.
Yale President Peter Salovey, who was inaugurated last year, said building the new colleges was one of his top priorities.