WPI Buys Out WBDC's Role In Gateway Park
Worcester Polytechnic Institute has taken over the Worcester Business Development Corp.'s financial stake in Gateway Park for an undisclosed amount, the college announced Friday.
WPI Executive Vice President Jeffrey Solomon said it's been the plan for more than a decade for WPI to take full control of the biotechnology and life sciences park.
"This is really a win-win," Solomon said.
He would not release financial information related to the "complicated transaction" but stated that with the deal WPI will have invested a total of $65 million in Gateway Park.
WPI's recent receipt of a $6.6 million grant from the Waltham-based Massachusetts Life Sciences Center partially contributed to the deal happening now, he said.
"The mission of the WBDC has always been to identify development projects that have the potential for significant public benefit, and work closely with partners in the early stages to help launch them successfully," said WBDC President David Forsberg in a statement.
WBDC will remain on as a consulting partner for the project.
The first building in Gateway Park, a 125,000 square-foot Life Sciences Bioengineering Center, opened in 2007 and is fully occupied. Plans for development of a second building in the complex are ongoing, Solomon said.
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