Weston’s Meadowbrook School has received a bond from MassDevelopment in order to construct a new building.

The independent day school will demolish the Lower School and library to make way for a new 3-story Academic Commons and Lower School, using the $20 million bond to finance the project.

The new building will include classrooms, an innovation center, a science lab, faculty spaces, a new makerspace, a fully integrated library and community spaces. The school is also using bond proceeds to buy and install other miscellaneous equipment for the campus.

Century Subsidiary Investments Inc. (an affiliate of Century Bank and Trust Co.) purchased the bond.

The school was founded in 1923 and currently serves 315 boys and girls in pre-kindergarten through eighth grade. The students come from 35 towns throughout the greater Boston and MetroWest areas.

“We are thrilled to move forward with this project,” Meadowbrook’s headmaster Stephen T. Hinds said in a statement. “The world for which we are preparing our children has changed dramatically in recent years. Many Meadowbrook students will one day pursue careers that don’t yet exist in fields that have yet to be created. To prepare them for future success, we must teach them to think nimbly and creatively, and to solve problems with innovative, collaborative methods. This approach requires a flexible learning environment that will accommodate the forward-thinking, hands-on teaching methods our faculty members are already using. This new building will provide us the space we need to better serve our students and prepare them for the future.”