Iona announced on Sept. 12 that the new school of business will be named after alumnus Robert V. LaPenta, who donated $17.5 million to the project.

The $35 million project will renovate and expand the existing building by the spring of 2020, according to the college.

Robert LaPenta, along with the recently appointed School of Business Dean Dr. William Lamb and Iona College President Dr. Joseph E. Nyre, stood on the steps of McSpedon Hall to make the big announcement.

“Bob LaPenta’s gift is important to the future of this school and to generations of students,” Lamb said.

President Nyre thanked LaPenta before talking about the school’s new mission for the business program.

“Our new business school is going to be the nucleus of business school elevation strategy,” Nyre said.

The speakers at the event repeated some of the various amenities that will be included in the LaPenta School of Business building: “smart” classrooms, an expanded trading floor, student lounge areas, faculty administration offices and a video studio. Gensler Architectural Firm and Langan, an engineering and environmental consulting service, are Iona College’s partners on the project.