UTI to Open Campus in N.Y.
Oct. 26, 2017— Universal Technical Institute, Inc. (UTI) plans to open a new campus in Bloomfield, N.J., fall 2018.
The campus marks the company's first entry into the New York metro area, its thirteenth campus nationwide and its third smaller-format campus.
The New Jersey campus is part of UTI's strategy to develop smaller, commuter-friendly campuses in high-demand markets, and will be patterned on similar, successful campuses in Dallas, Texas, and Long Beach, Calif.
On average, the company expects smaller-format campuses to be accretive to earnings in the first 18 months and cash flow breakeven by year four.
"Like our other smaller-format campuses in Dallas and Long Beach, the New Jersey campus will predominantly serve a commuter population, so students can access our quality education without leaving home," said Kimberly McWaters, president and chief executive officer of UTI.
The company has entered into a 12-year lease agreement on the approximately 102,000 square-foot facility, which is in a high-density market and conveniently accessible from the New York/New Jersey public transportation system.
The New Jersey campus, subject to obtaining all necessary regulatory approvals, is anticipated to open in fall 2018.
This campus will offer the company's automotive and diesel programs. At full capacity, it will accommodate approximately 800 students.