Rutgers groundbreaking ceremony of new sports medicine facility

An artist rendering of the new sports practice complex planned at Rutgers University. (Courtesy of Rutgers University)

PISCATAWAY -- The new sports practice complex Rutgers University is building on its Livingston campus will cost $115 million and require the university to borrow at least $26 million, Rutgers revealed for the first time Thursday.

The multi-sport facility, which includes practice space and locker rooms for the basketball, gymnastics and wrestling teams, gained final approved from the university Board of Governors on Thursday.

Rutgers expects to pay for the complex primarily through athletic department fundraising, $25 million in tax credits and an $18 million naming rights contribution from RWJBarnabas Health.

However, at least part of the project, a 555 space parking deck, will require financing. The university will take out a $26 million bond it plans to pay off using revenue from parking fees, Rutgers said.

If fundraising doesn't cover the the remaining costs, the university is authorized to provide interim financing for any part of the project, according to the resolution passed by the board.

Rutgers hopes to pay for the project with money from it's R Big Ten Build campaign, which has a $100 million goal. So far, the university has raised $71.1 million, including the $25 million in tax credits.

The 125,000 square foot facility, expected to open in 2019, will replace outdated and undersized facilities at Rutgers. Athletic Director Pat Hobbs previously said he couldn't provide the project's total price because of the uncertain cost of building materials.

Adam Clark may be reached at adam_clark@njadvancemedia.com. Follow him on twitter at @realAdamClark. Find NJ.com on Facebook.