In the making: A biotech magnet
Hurd: It will be a major generator for research funds for WPI. That in turn will attract talented and vibrant research faculty. There will also be many opportunities for WPI graduate and undergraduate students in the biotech and life sciences fields to serve as interns and research assistants. From a business standpoint, we hope to attract both mature and startup companies into this downtown area. It’s interesting that two nonprofit entities — WPI and Worcester Business Development Corp. — are serving as the catalyst to attract new taxable entities. Gateway Park is not about real estate. It’s about creating a destination where life sciences and biotech companies can grow, and where the people who work for those companies can live and thrive. From the very start, we envisioned a complex that would benefit not only WPI but Worcester as well.
WBJ: What are the key elements of the master plan for the site?
Hurd: Located to the east of the WPI campus, Gateway Park will feature four biotech buildings with a combined 500,000 square feet of space. These buildings will be designed and completely fitted out with research in mind. In addition, we’re planning another half million square feet of mixed-used space for loft-style condominiums and retail establishments, such as high-end restaurants, banking, and business support establishments. We believe that some of the staff in these new research facilities will want to live in the area and enjoy the nearby cultural and entertainment offerings.
WBJ: How do you see the timeframe for development?
Hurd: The WPI Life Sciences and Bioengineering Center, the first research facility in this complex, will open in the Spring of 2007. About 75 percent of this 125,000-square-foot building will house WPI labs, offices and support facilities. Also in this space will be WPI’s Bioengineering Institute, headed by Professor Grant McGimpsey, which is devoted to conducting and commercializing WPI’s research. The remaining space will be offered to outside biotech businesses. A new parking garage nearby will be completed in late 2007, and I would expect the remaining three research buildings to come on line in three to five years. As for the entire complex, including the housing and retail components, we’re talking about a five- to seven-year time frame.
WBJ: What progress are you making in attracting businesses?
Hurd: There’s already strong interest from companies in leasing about 145,000 square feet of space. We also have had interest from two prominent developers in the condo sites. For our first building, we are close to signing a lease with a business incubator company, which will provide equipment and support services for biotech and life sciences startups. An existing building at 85 Prescott, owned in part by WPI and WBDC, is also serving as a staging area for companies, such as ECI Biotech, which may eventually expand into Gateway Park. I’m very busy talking with venture capitalists, law firms, and accounting firms who are familiar with the pipeline of potential tenants for Gateway Park. In addition, events sponsored by our faculty and the Bioengineering Institute, such as the February career fair and the April symposium on tissue regeneration, are great opportunities to introduce visiting researchers and companies to Gateway Park. Companies are amazed by the resources we have here, especially key faculty who could help drive their research. For example, one medical products firm, currently in line for $3 million in new funds, could find everything it needs here: research resources at WPI, light manufacturing facilities, and clinical trial support s at UMass Medical.
WBJ: How has WBDC helped in this recruitment campaign?
Hurd: It’s been a wonderful partnership. WBDC drove the recruitment process until last year and was responsible for assembling and remediating the entire site. They ae always present at our meetings with companies and developers. The biggest challenge for us is finding the time to meet with all the people who are interested in Gateway Park. Grant McGimpsey of the Bioengineering Institute said it best when he described this project as the most exciting thing he has seen in 17 years at WPI.
This interview was conducted and edited for length by WBJ Chief Editor Larry Maloney.
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