Iona’s School of Business building, accredited by the Association to Advance Collegiate Business Schools International, is under renovation.

Robert V. LaPenta ‘69, a member of the Iona board of trustees, gave the College a $15 million donation, with a $2.5 million grant to help the business department update its building in Dec. 2015.

“By investing in the development of a new business school, I am proud to support Iona’s mission of creating graduates that are smart, ethical [and] creative problem solvers,” LaPenta said, according to a 2015 press release from the college. “My time at Iona prepared me well to be successful in business. I learned very early on if you want to be successful you have to work hard, stay focused and never take your eyes off the end zone.”

The business building has changed its name from Hagan Hall to the Iona School of Business. The current building will stay put and new areas will be built around it. The finished building will be three times larger and students will be able to engage in theoretical study and hands-on learning.

The up-and-coming building will offer state-of-the-art “smart” classrooms, an expanded LaPenta/Lynch trading classroom, dedicated rooms for case study and small-group discussion, a business development incubator, a quiet study space, a business-focused career center, student lounge areas and integrated faculty, staff and administrative offices.

The plans for the new facility were announced on Oct. 26 of last year, but ground has not yet been broken as of press time.

Patrick Reville, an associate professor in the business school, graduated from Iona and has taught here for over 40 years.

“It’s an astounding accomplishment by both the college and the tribute to what the college has, what he [LaPenta] felt the college had done for him, and his desire to pay back his good fortune that he had through hard work,” Reville said.

All of the business classes have been moved to other buildings while renovations occur.

“I don’t really think it’s affecting [the courses] – I’m teaching the same courses,” Reville said. “I find that since we are scattered throughout the campus…we [the business school faculty] don’t see each other as often as we would if we were all in Hagan.”

Reville commented on the progress of the business school.

“It’s going to be a big deal…it’s a long process and the college is still involved in getting the approvals for the construction [is] my understanding right now,” Reville said.

Iona appointed Dr. William B. Lamb as the new Dean of the School of Business over the summer.