$49M EXPANSION BLOOMS
EAST MARLBOROUGH >> Longwood Gardens is planning to sell $49 million in bonds to finance the construction of a new 65,000-square-foot greenhouse facility, to repair and renovate several buildings, and to fund an environmental remediation project.
Paul Redman, president and chief executive officer of Longwood Gardens, said if all goes as planned, construction could start as early as spring of next year. The bonds are being marketed by Morgan Stanley and should sell by the end of this year.
“This will be a state-ofthe-art facility that will advance the science behind how we produce displays here,” said Redman. “It will also allow us to potentially produce chrysanthemum displays and put them out earlier. It will give us the climatic control we need for production.”
Longwood home to the
Gardens is “Thousand
Bloom Mum,” a chrysanthemum that sports 1,500 flowers and is the only one of its kind in North America.
Renovations to the Nuttery, Banana and Orchid buildings are planned, which includes re-adapting to support office space for Longwood Gardens’ horticulture staff. A nearby equipment storage facility will be constructed in a centralized area.
In addition an old underground oil storage tank that was last used a few years ago will be removed from the 1,100-acre site.
The construction project comes just two years after completion of a $90 million outdoor fountain project that added water cannons lifting water 125 feet into the air and synchronization systems. Since installation of the new fountain garden, yearly attendance has averaged more than 1.5 million guests per year.
Redman said there is a possibility for future borrowing up to $150 million.
“Some funds in the bond issue will go toward planning specifically, and toward design of a new conservatory and administration building and dining facility,” Redman said. “But that is just planning. There is no institutional commitment that any of that is happening.”
Redman also said the design and construction of a new visitor’s entryway fits in the long-term plan.
Redman said the project will not create any new jobs, other than those generated by the construction.
The $49 bond issue has been rated highly by Moody’s Investor Service, meaning analysts feel the bonds will be paid off, increasing the likelihood of low interest rates for investors. The bonds are issued through the Chester County Industrial Development Authority.
Longwood Gardens has just kicked off its holiday season, which boasts more than 500,000 Christmas lights, with lights at the main fountain garden choreographed to music.
“I’ve never seen anything like it in my life,” Redman said. “It’s really, really great.”