Planned 2.5 million sq. ft total development at MIP, at build-out
Acquisition and redevelopment of office and production complex at 44 Frid St. in Hamilton
HAMILTON, ON, March 3, 2020 /CNW/ - McMaster Innovation Park (MIP) is pleased to announce a quantum expansion of McMaster Innovation Park in Hamilton, Ontario, which at full build-out will encompass 2.5 million square feet of purpose-built facilities dedicated to innovation, commercialization and entrepreneurship.
Expansion plans include the recently announced acquisition and redevelopment of an office and production complex on Frid Street in Hamilton, Ontario, as well as development of additional assets within MIP's 58-acre innovation park at 175 Longwood Rd. S., Hamilton.
"MIP helps growing innovation-focused companies with everything they need to get to the next level. Our plans announced today are consistent with MIP's aspiration to create the best research park in the world," said Ty Shattuck, CEO of McMaster Innovation Park.
In regard to the scale of the expansion plan, Mr. Shattuck commented, "2.5 million square feet is four times larger than the 95-storey Shard tower in London, twice the size of the Chrysler Building in New York City, bigger than Toronto's Scotia Plaza and on par with First Canadian Place." He continued, "MIP is filling the equivalent of a bank tower with proven innovators and entrepreneurs and offering them the best environment, support and eco-system to advance and grow their businesses. The park will even be carbon neutral thanks to energy expertise resident at MIP."
Mr. Shattuck added, "5000 people will eventually work at MIP at full build-out. MIP is ideally situated to support companies in life sciences & biotech, advanced materials & manufacturing, and information & communications technology".
"The acceleration of MIP's growth reflects the effectiveness of the way we support innovation and scale up, and the tremendous synergies afforded by the proximity of McMaster University and MIP," he added.
Meridian Credit Union is the financing partner for the MIP development plan. "Meridian is proud to be the financing partner for the McMaster Innovation Park development plan," said Robert Neufeld, Regional Vice President, Hamilton Business Banking Centre, Meridian. "As local business and community partners, we share McMaster's vision to grow an innovative ecosystem of significant North American and global stature to support transformational research and businesses that are shaping the future."
Life Sciences Innovation Megahub
Within this plan, MIP is establishing a Life Sciences Innovation Megahub.
"Today, entrepreneurs, leading global companies and investors in the life sciences see the GTA-Buffalo nexus as a global-calibre life sciences hub and MIP is at the epicentre. The larger context for MIP's Life Sciences Megahub is the convergence of this capital markets focus, and the concentration of leading life sciences research in the MIP region. This region has established itself as a prolific global leader in life sciences innovation. MIP plays an important and growing part in that success," said Mr. Shattuck.
He continued, "From a life sciences standpoint, we are at the threshold of tremendous discoveries which hold the potential to radically transform our understanding of human health, disease and treatment. This is occurring rapidly and on a global scale. Within that global context MIP is situated in a highly productive region of scientific investigation and exchange, contributing materially to the life sciences nationally and internationally."
Karen Mossman, Chair of MIP's Board of Directors and Acting Vice President of Research at McMaster University says, "MIP has proven to be highly effective as a bridge between research and industry. We're realizing the true social and economic value of our research and helping to grow the region's life sciences cluster. Our researchers are spinning out companies, creating jobs, and attracting investment and industry to the Park."
McMaster Innovation Park (MIP) is Canada's premier research park offering a collaborative space for start-ups, entrepreneurs, researchers, and industry partners to connect and bring ideas to life. MIP helps companies grow by finding the customers, resources, capital, and anything else they may need to scale. Our Mission is to be a bridge between research and industry – to leverage the resources and capabilities of McMaster University and the community to foster and accelerate the innovator's journey from ideation to business reality.
SOURCE McMaster Innovation Park
For further information: McMaster Innovation Park: Sarah Boggan, Marketing & PR Manager, C: 905-616-7749, [email protected]; Gordon Forstner, Forstner Group Inc., 416-560-8056, [email protected]