350 Rutgers graduate students will be able to call this historic building home by approximately 2015.Newark, N.J — Rutgers University will be expanding housing for graduate students, following approval by the university’s board of governors to renovate the building at 15 Washington Street in downtown Newark. The plan for the building, which housed Rutgers School of Law from 1978 to 1999, will provide housing for 350 graduate students in one to four-bedroom units.

The renovation of 15 Washington Street has a projected budget of $71 million, to be financed through grants, tax credits and bond issues. Bidding for the project begins next year, and the projected two-year period of construction is scheduled to start in October 2013.

15 Washington Street is a celebrated example of early 20th century neo-classical architecture in Newark. The 17-story structure was designed by the architectural firm John H. & Wilson C. Ely and opened in 1929 and housed the American Insurance Company.