Sacred Heart University has purchased General Electric Co.'s former world headquarters campus in Connecticut for $31.5 million.
"That's going to be a real challenge in the short term to replace," said First Selectman Mike Tetreau.
John Petillo, the president of the Roman Catholic university in Fairfield, says the school is growing rapidly and the 66-acre property was too good to pass up.
GE is moving its corporate headquarters to Boston.
Sacred Heart says it plans on turning the GE property into an "innovation campus," by moving its School of Computing to the site and developing programs in the health and life sciences and technology fields. The university's education school and business office will also move to the site by early next year.
“With this property, SHU has a unique opportunity to contribute to education, research, health care and the community," the school said in a statement.
Harri Singh, GE's Global Properties Leader, said in a statement, “We are pleased to sell our property to a world-class local university and are happy that the campus will continue to be used for learning and innovation, two hallmarks of both GE and Sacred Heart,”
Tetreau, the town's top elected official, says Fairfield is in a position where it can handle some brief consternation.
Elements of the Jack Welch College of Business, named after the former GE chief executive, will also move to the property.
Long-term plans include performing arts and athletic facilities.