Research Park RoundUp

Over the past few months, several new research park announcements have been made, including a $2.5 billion public-private investment in Kentucky. Gov. Ernie Fletcher last month announced plans for the expansion of the Louisville Health Sciences Campus. The project will encompass the 30-block radius that houses the Louisville health sciences campus. A current U of L parking lot, known as the Haymarket property, will be converted into a 700,000-square-foot state-of-the-art laboratory and office space.

 

The project is being financed through a proposed tax increment finance (TIF) in which a portion of the tax revenue generated by the 20-year capital investment – about $300 million – is captured for reinvestment in the development. The TIF increment is expected to be enough to complete construction of the research park and many components of the U of L Health Sciences Master Plan, according to the governor’s office. Officials hope to begin initial investment and construction soon after the anticipated approval by the state’s TIF Commission.

 

New Mexico State University’s (NMSU) Arrowhead Center recently struck a deal with a private company to begin construction on the research park announced in January. Development on the first 11 acres of land will be completed in two phases with up to seven buildings and 120,000-square-feet of office and laboratory space for businesses that partner with NMSU. The research park is a public-private partnership, and the development company has agreed to donate 5 percent of the net proceeds of the development of the NMSU College of Business for an entrepreneurship program.

 

The Purdue Research Foundation announced the creation of a new technology park to help high-tech entrepreneurs create new businesses and promote the expansion of existing companies. The new Purdue Accelerator Park is the fourth technology park owned and operated by the Purdue Research Foundation and will accommodate up to 75 businesses and create 1,500 jobs with an average annual salary of $54,000, according to Purdue University. The accelerator park will include a 100,000-square-foot industrial flex building and a 50,000-square-foot multi-story office building.

 

Last month, the Economic Development Administration awarded a $100,000 grant to the University of Colorado at Colorado Springs to fund the Research Park business plan. The grant will supply a portion of the funds needed to create a research park targeting and promoting new industries to meet the need for new jobs.

 

A new life science based campus is scheduled to open this month in Worcester, Mass. Worcester Polytechnic Institute (WPI) and Worcester Business Development Corporation will open an 11-acre mixed use complex called Gateway Park to serve as a stimulus for economic development and a catalyst for life science cluster expansion in the region and throughout the state, according to WPI. Gateway Park will feature 750,000-square-feet of R&D and office space geared toward the life sciences.

 

Kent State University announced plans to develop a research park to house high-tech business accelerators. The Kent State Centennial Research Park is located in the former 10-acre bus garage on the Kent State Campus. The initial phase of the project is funded by a portion of the Ohio Third Frontier Commercialization Project for the Flexible Liquid Crystal Film Manufacturing Alliance. The alliance is supported by an additional $8 million in matching funds from the collaborators. 

 

The University of North Dakota (UND) Research Foundation broke ground last month on a $14 million Center of Excellence in Life Science and Advanced Technology facility at the new Research Enterprise and Commercialization Park. The 50,000-square-foot facility will house UND research ventures partnered with outside companies and corporations. Gov. John Hoeven presented a $3.5 million check to UND for the facility in December as part of the state’s Centers of Excellence program. Last month, the U.S. Department of Commerce Economic Development Administration boosted the effort, providing an additional $1.5 million for the facility.

 

A formal agreement was reached between the University of Arizona (UA) and builder, KB Home, on a land transaction that will swap 124 acres at the UA Science and Technology Park for about 65 acres that will serve as the future site of the Arizona Bioscience Park. Development for the Bioscience Park is expected to begin in 2008 and will consist of nearly 3 million sq. ft. of office, laboratory, educational and residential facilities. The Bioscience Park is designed to provide the facilities and infrastructure required by start-up and mature biotech companies, according to UA. 

 

Green County Industrial Development Agency, located in Coxsackie, N.Y., is partnering with Galesi Management Corporation and IDC Architects to develop a 60,000-square-foot mixed-use technology space at the Greene Business & Technology Park. The space will include all levels of clean room specifications for semiconductor and nanotechnology firms.

 

With a $70 million investment from the state and contributions from numerous public and private entities, South Carolina’s Innovista Research Park represents a $250 million total investment that is designed to raise the state’s per capita income level. Located at the University of South Carolina in Columbia, the first phase, Horizon Center and Discovery Plaza, will house university researchers and is expected to be completed in 2008. Horizon Center features 125,000 sq. ft. with dry and wet lab space. Discovery Plaza will consist of university wet lab research space with a privately developed building for private-partner companies.