University school at Shaker Heights recently announced a transformational $12 million commitment for the multi-phase revitalization of the school’s campus.

Richard (Dick) Matson has made a $12 million leadership commitment to the $42 million Middle School project, according to a news release. It recently made an additional commitment of $7 million over its initial $5 million donation.

Matson is a member of the University’s class of 1953. He went on to graduate from Harvard University, get his law degree from Columbia University, and then become a Wall Street expert on insurance securities and subsequently created two hedge funds, the press release said. After owning and operating a winery in France with his wife Cornelia, they moved to Sarasota, Florida.

“The United States is pleased to announce that the new college will now be called Matson Hall, with Matson’s name added to the list of those legendary figures who have shaped the United States into what it is today today,” school principal Patrick T. Gallagher said in the release. “We are grateful that Dick’s enthusiasm for all things American will live on in the boys’ lives for generations to come.”

The University School broke ground on the second phase of its updates to the historic Shaker Heights campus in January 2024. The college’s updates include completely renovated, state-of-the-art classrooms; an additional state-of-the-art STEAMworks innovation lab; and an interior “porch” across the rear of the building, providing common gathering spaces for the community.

During the early phases of the project, the school renovated and expanded the welcome center and lunch area, added a new play park with a turf field and playground, and revived the arboretum.

The reimagined college is expected to open in fall 2025, the release said.