Florida Tech Accepts $13.1 Million Gift from Intersil; Donated Facility Offers Expansion Opportunities for Growing University
MELBOURNE, FLA. — Florida Institute of Technology has accepted a donation of a facility and land from Intersil Corporation in Palm Bay valued at $13.1 million. The gift includes 100,494 square feet of office space, manufacturing and cleanroom facilities in a two-story complex, plus five acres of property located on Palm Bay Road. The university will use the property to create the Florida Tech Research and Development Center.
“We’re delighted to receive this important gift from Intersil, and are grateful for their support,” said Florida Tech President and Chief Executive Officer Anthony J. Catanese. “We’re now looking closely at how we may best use this donation to advance the educational and research mission of Florida Tech. Our ‘high tech with a human touch’ focus is a perfect fit for a technology facility of this nature.”
“Florida Tech is an internationally respected leader in technology education, and we are pleased that this gift is a good match for their educational needs,” said Richard Crowley, Chief Financial Officer of Intersil. “We look forward to seeing Florida Tech utilize the space in ways that will better our community.”
Catanese said the university is examining a number of uses for the property. The office space may be utilized for continuing education classes for nearby professionals. Plans call for repurposing the largest areas as lab space, supporting: engineering and science student project design, automotive development and wind tunnel research.
Formerly a wafer fabrication facility, the building was constructed by Harris Semiconductor in 1977 and had served as part of Intersil’s wafer fabrication facilities until 2009, when operations were consolidated. Known as “Fab 54,” the facility has been used to make integrated circuits for major government, defense and aerospace programs. It was also used to make analog and mixed-signal products for consumer electronics and telecommunications equipment.
The donated complex and land, complete with almost 300 parking spaces, is located down the street from Florida Tech’s Panther Bay apartment complex that opened earlier this year.
Florida Tech, currently celebrating its 55th anniversary, is an international leader in education annually serving more than 15,000 students through its Melbourne campus, extended studies sites across the country and online programs. Named the third-fastest-growing private nonprofit research institution in the United States by the Chronicle of Higher Education, Florida Tech is also annually ranked a Tier One Best National University by U.S. News & World Report.
Cutline: Florida Institute of Technology has accepted a donation of a facility and land from Intersil Corporation in Palm Bay valued at $13.1 million. The gift includes a 100,494 square foot complex plus five acres of property on Palm Bay Road. The university will create the Florida Tech Research and Development Center.
Intersil Corporation is a leading provider of innovative power management and precision analog solutions. The company’s products address some of the largest markets within the industrial and infrastructure, mobile computing and high-end consumer markets. For more information about Intersil visit their website at www.intersil.com.