University of Miami Life Science & Technology Park Partners With Enterprise Development Corporation

Jan. 28, 2011 - PRLog -- In the latest boost to the emergence of Miami’s Health District as a global hub for life science and technology research, the University of Miami Life Science & Technology Park (UMLSTP) and the Enterprise Development Corporation of South Florida (EDC) have formed a strategic relationship designed to draw new companies to the project and support the growth of park tenants. By providing business development services to UMLSTP tenants, the nonprofit EDC will advance its core mission of creating an innovation-based economy comprised of high-skill, high-wage jobs in South Florida.

The strategic relationship and plans for the EDC to have an on-site presence at the park were announced by EDC executive director Jane Teague and Catherine Vorwald, director of business development for Wexford Science & Technology, the national research park developer which is building and financing the first phase of the University of Miami Life Science & Technology Park, a 252,000 square foot building comprised of lab, office and retail space. The news follows the recent signing of leases that have seen roughly 40 percent of the building pre-leased by the University of Miami and medical device company Daya Medicals, Inc.

While the park’s close proximity to the University of Miami will foster collaborations between academia and industry, the EDC’s presence will afford tenants access to mentoring services, connections to new sources of capital, a conduit to financial and tax-based incentive programs, and a natural link to South Florida’s existing business base. Equally important for South Florida’s long-term economy, the EDC will aim to retain local companies and startups seeking to collaborate with researchers at the University of Miami and tap into growth opportunities in the city’s burgeoning Health District, as well as those whose current work is based on the intellectual property of the University.
   
“Just as other cities across the U.S. have developed robust research and development hubs, Miami is well-positioned to emerge as a global magnet for promising life science and technology firms,” said Jane Teague, executive director of the Enterprise Development Corporation of South Florida. “The EDC’s presence at the UMLSTP will support a similar trend here in South Florida. As companies seek a venue for advancing their work, we will promote the region’s many virtues, including our strategic geographic location, our large multicultural population, and the full slate of research underway at the University of Miami. We will work to foster a culture of innovation that attracts new companies and diversifies our regional economy.”

Catherine Vorwald, director of business development for Wexford Science & Technology, believes the EDC’s presence will be an important draw among entrepreneurial and new-to-market companies. “The EDC will be an invaluable resource for UMLSTP tenants, particularly companies new to South Florida and those taking their first steps in our Ready-Lab™ Development Suites, which serve as office and lab incubator space for entrepreneurial research teams and emerging companies. Small, affordable labs are a scarce resource in the Miami area, so the Development Suites will provide early-stage companies with proof-of-concept and preclinical infrastructure support previously unavailable. Between the EDC’s expertise and market knowledge, the low-risk lab and office spaces, and the resources available through the University of Miami, UMLSTP tenants will have a built-in advantage as they work to advance their life science and technology discoveries,” said Vorwald.
   
The first phase of the UMLSTP is set for completion in the summer of 2011. The project’s current master plan includes five buildings comprising between 1.6 and 2 million square feet of space. In addition to lab and office space, the park will contain restaurants and retail to serve the Miami Health District and residents of nearby neighborhoods. Development of the park’s first building is projected to create more than 1,150 direct and indirect jobs, with an additional 2,700-plus direct and indirect positions created by ongoing operations, according to a recent study by the Washington Economics Group.

To learn more about the park or to inquire about leasing opportunities, contact Bill Hunter of Wexford Science & Technology at (305) 298-4578 or the Miami-based Jones Lang LaSalle team of Richard Schuchts, Catarina Jimenez and Gavin Macphail at umpark@am.jll.com or (305) 728-8999.

About the University of Miami Life Science & Technology Park
The University of Miami Life Science & Technology Park is a predominantly privately-funded endeavor developed by Wexford Miami, LLC, a subsidiary of Wexford Science & Technology, LLC. Located in Miami’s Health District and adjacent to the University of Miami Leonard M. Miller School of Medicine, the park will be home to best-in-class research facilities that bridge academia and industry, thereby fostering collaboration and innovation that positively affects people around the world. Development of the park will also make a direct impact on the South Florida economy, resulting in the creation of jobs and further diversifying the region’s economic landscape. UM LSTP is located on an 8.8 acre site bounded by Interstate-95 on the east, NW 7th Avenue on the west, NW 17th Street on the south and NW 20th Street on the north. Construction of phase one, a 252,000 square foot building housing office and lab space, began in late 2009 and is scheduled for completion in summer 2011. The building is pre-certified as a LEED Gold (Leadership in Energy and Environmental Design) facility by the U.S. Green Building Council. Learn more at www.umlstp.com.

About the Enterprise Development Corporation of South Florida
The Enterprise Development Corp. of South Florida (EDC) is a nonprofit organization that assists emerging science and technology companies. Our mission is the development of an innovation-based economy through the creation of high skill, high wage jobs in key industries that are driving global commerce. Founded in 1994, EDC’s overall economic impact is in excess of $350 million.
EDC also participates in specific statewide programs that enhance the creation and development of science and technology companies. As a clearinghouse for entrepreneurial activity, EDC engages with local business leaders, investors, colleges and universities, government entities, and other public and private groups that share a commitment to Florida’s economic vitality. For more information, please visit http://www.edc-tech.org.

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