Torrey Pines' PSL home now Center of Innovation

Core Communities on Wednesday announced its 120-acre research park, already home to the Torrey Pines Institute for Molecular Studies, will be known and marketed as the Florida Center for Innovation at Tradition.

"The name Florida Center for Innovation at Tradition clearly positions this venture as one of statewide importance," said Pete Hegener, president of Core Communities. "The name points to the park's physical location in Tradition, of which we are very proud, but speaks most clearly of the kind of innovative research we believe will be conducted here."

Core Communities, a community development subsidiary of Levitt Corp. (NYSE: LEV), is the developer of Tradition in western Port St. Lucie.

The Florida Center for Innovation at Tradition is at the southwest corner of Interstate 95 and Tradition Parkway, and will feature 400,000 square feet of space for research and development organizations, 100,000 square feet of medical and office space, 80,000 square feet of restaurant and retail space, a 300-bed hospital, and 300 hotel rooms.

The site had been labeled Tradition Research Park.

Core, is building the complex, is vigorously recruiting universities, research centers such as the California-based Alfred E. Mann Foundation for Scientific Research, life science spin-off companies and large biotech firms for the research park.