Cornell's proposed campus on Roosevelt Island. Copyright Cornell University.

On Monday afternoon, New York City mayor Michael Bloomberg will announce that Cornell University and its partner Technion-Israel Institute of Technology have been approved to build a two million square foot Roosevelt Island campus focusing on technology and engineering.

The announcement will be made at Cornell’s Weill Medical Campus in New York at 2:30 p.m., and also broadcast live on the web at Cornell’s web site. (The Wall Street Journalfirst reported Cornell’s selection on Sunday.)

Bloomberg’s office first solicited...