Stevenson University has bought the Shire Pharmaceuticals plant next door to its Owings Mills campus, a $10.5 million deal that a school official said will expand the grounds by a third and help meet the goal of increasing full-time student enrollment to 4,000 in the next two years.
"It was just a great opportunity we couldn't pass up," Tim Campbell, Stevenson's executive vice president for financial affairs and chief financial officer, said of the sale that closed Tuesday, expanding the campus in northwestern Baltimore County from 74 to 102 acres. The school, with 3,214 full-time and about 1,000 part-time students, also has a 60-acre campus in Greenspring, about six miles southeast of the Owings Mills site.
Campbell said Stevenson has been working on the sale for about a year, and plans to use the 28 acres with two buildings and a 400-space parking lot to accommodate the School of the Sciences and School of Design, now located on the Greenspring campus. He said the school will probably spend about $3 million to renovate the two one-story buildings and expects to move in by August 2013.
Buying the Shire plant means the school will continue using the gym at the Greenspring campus. Stevenson had planned to use a $3 million state grant to turn the gym into a new School of Design, but that money will now be applied to the Shire purchase and the Greenspring gym will remain.