The right time. The right space. Right here.
What is Gateway Park? Gateway Park is not about real estate or lab space. It’s about creating a destination where life sciences companies can flourish… And where scientists, scholars, students, and entrepreneurs can live and prosper. Gateway Park is about making space for genius.
What are the needs identified by life sciences CEOs and entrepreneurs? • Space • Affordable, flexible, adaptable lab space • Buildings with specialized plumbing, electrical, ventilation, water, specialty gasses and security systems • Wireless infrastructure • Support Infrastructure • Services: facilities design, workforce education, clean room maintenance, hazardous waste removal, gowning and garb services, instrument testing, glass wash, legal, accounting. • Fast and easy permitting process; favorable regulations for hazardous waste • Clinical trial/FDA support • People • Access to leading-edge life sciences faculty, cutting-edge research and other life sciences companies and management • Access to educated research assistants; education programs for all support services needed • Affordable labor; acceptable standard of living for employees • Location • Acceptable commute • Access to interstate highways/manageable airport • Access to Capital
The Gateway District Gateway Park, LLC Joint venture between WPI and Worcester Business Development Corporation (WBDC) Plan for the Overall 55-acre Gateway District Development and its vicinity
What’s the answer?Gateway Park. • Space • Five life sciences buildings totaling 500,000 square feet of flexible, adaptable lab space designed to meet the needs of research organizations (rent $20-$30 per sq. ft. versus $45-$65 in Boston/Cambridge) (1) • Buildings designed to provide cutting-edge IT infrastructure, high-speed wireless access • Support Infrastructure • A smooth, expedited permitting process (90 days average in Worcester, 3 years in Boston/Cambridge) (2) • City of Worcester regulations support biomedical and technical research. Smart buildings are designed to meet environmental and waste disposal needs • The Massachusetts Opportunity Relocation and Expansion (MORE) Jobs Program • $100 Million quick-close fund – grants to aid in infrastructure costs • Eligibility requirements: Generate substantial sales from outside MA; create at least 100 new, permanent full-time jobs within 24 months; maintain the newly created jobs for at least 5 years • Clinical trial/FDA support through professionals at UMass Medical and other area hospitals • Services: facilities design, workforce education, clean room maintenance, hazardous waste removal, gowning and garb services, instrument testing, glass wash, legal, accounting
What’s the answer?Gateway Park. (continued) • People • Home to a highly-educated workforce of professionals in science, technology, and management with 25% lower salary expectations than Boston/Cambridge (3) • World-class faculty researchers with valuable intellectual property • Craig C. Mello – Winner of the 2006 Nobel Prize in Physiology or Medicine conducts his award winning research in Worcester • Rich pool of highly educated research assistants and lab technicians to help accelerate ideas and innovations • Continuum of training in Worcester: WPI partnership with K-12 programs, Massachusetts Academy of Mathematics and Science at WPI, new Worcester Technical High School (entire Academy focused on life sciences), vibrant community colleges, world-class colleges and universities • Affordable, acceptable, lower standard of living; lower housing costs, etc., • Location • Commute west in morning; east in afternoon. 15 minutes from Rt. 495 • Intersection of I-290, I-190 (Bristol-Myers Squibb). Route 146 will soon be finished connecting Worcester to Green Airport in 40 minutes • Rail station completely refurbished and restored – service from Boston to increase shortly • Access to Capital • New Worcester-based angel investor fund; Close relationships with venture capitalists who understand the power and potential of life sciences research and engineering technology • WPI Venture Forum; WPI/UMass contacts; MBI partnership • MassDevelopment’s Emerging Technology Fund • $35 million fund provides loans up to $2.5 million and guarantees of up to $1 million to finance investment in real estate and equipment.
WPI Life Sciences and Bioengineering Center • Scheduled completion: April 2007 • 124,600 square feet; four stories • $43M investment by WPI • Home to the following WPI Departments: • Biology and Biotechnology (BBT) • Biomedical Engineering (BME) • Chemistry and Biochemistry (CBC) • Chemical Engineering (CHE) • WPI Interdisciplinary Research Groups (“Centers”) • Tissue regeneration and stem cell biology (BBT, BME) • Tissue mechanics and mechanobiology (BBT, BME) • Plant systems (BBT, BEI, CBC) • Molecular nanotechnology and molecular sensors (BEI, CBC, CHE) • Applied molecular genetics (BBT) • Advanced technologies in biological imaging and sensing (BME, BEI Center for Untethered Healthcare, ECE, ME)
WPI Life Sciences and Bioengineering Center (continued) • Bioengineering Institute (BEI), an interdisciplinary organization dedicated to turning life-sciences technology into workable products • Massachusetts Biomedical Initiatives (MBI) - (Kevin O’Sullivan), a successful independent, tax-exempt incubator that supports the founding, growth and expansion of biotechnology and medical device companies • Bioprocessing laboratory – “Pilot Plant” for training • Headquarters for WPI’s Corporate and Professional Education Programs • Also in Gateway District, ECI Biotech (Mitch Sanders), a leading-edge company engaged in research and development of new antibody detection technologies • Companies: Blue Sky Biotech; CellThera; Consistent Cardiogram Corporation
Central Massachusetts - tremendous opportunities • Central Massachusetts was identified as one of the few areas in the US with the resources to emerge as bio/life sciences industry leader. (4) “One of the main reasons Bristol-Myers Squibb chose to locate its new $1B bio-processing facility in Central Massachusetts (Devens) was because they wanted to be near Worcester. Let me repeat that…” Ranch Kimball, Secretary of Economic Development for the Commonwealth of Massachusetts, July, 2006 When asked if he was going to stay in Worcester, Dr. Craig Mello replied “Absolutely, I think the cost of doing research here is so much lower than in the Boston area. I'm not sure what it works out to per square foot, but it's quite significant -- the cost of space is lower, the cost of living for employees. . . ." Worcester based Nobel Laureate and Professor of Molecular Medicine, Dr. Craig Mello, October, 2006 (5)
Central Massachusetts - tremendous opportunities • The Eds and Meds: • 13 colleges/Worcester area: enrollment > 30,000 students • UMass Medical • Massachusetts College of Pharmacy and Health Sciences • Tufts University Cummings School of Veterinary Medicine • UMass Memorial Hospital • St. Vincent Hospital at the Worcester Medical Center • The Commonwealth of Massachusetts continues to make major investments in Central Massachusetts as a life sciences, bioengineering center. • UMass Medical School - 1980 • Worcester Biotech Park - 1990 • Gateway Park - 2005 • Bristol-Myers Squibb - 2006 • BMC – Biomanufacturing Initiative - 2006
The Trend Westward • Developing companies and their CEOs are moving westwardbetween Routes 128 and 495 and along the Route 495 corridor • In the past five years 20 biotech companies – including 14 from Cambridge – have moved into space along Rt. 128 (6) • Many would gladly trade the nightmare of a Boston/Cambridge commute for traveling against traffic • Genzyme: headquarters is in Cambridge, but they’ve expanded to Framingham, Southboro, and Westboro -they’re moving westward! • WPI sponsored the first annual Biotechnology & Bioengineering Corporate Forum and Career Fair with over 175 life sciences professionals in attendance - Keynote speaker, Jim McGovern
The Trend Westward • Recent Massachusetts Biotechnology Council (MBC) West networking event drew 400 people • 49 of the 100 largest Biotech firms in Massachusetts are located between 128 and Worcester (7) • Only ONE of the top 25 medical device firms is in Boston (8) • Route 146 will soon be finished, connecting Worcester to Providence and completing a research triangle
Initial BMC Locations Throughout MA Lowell Massachusetts Biomanufacturing “Center” Cambridge Amherst Worcester Large-scale Production Facility Process Development Site Fall River Education Delivery Site Education Development Site Information Exchange Network Hub Does not show research sites, industry partners or additional education sites
For example: C3 Benefits come together. • Consistent Cardiogram Corporation (“C3”) - a medical products startup with a new, more efficient, more accurate means of administering an EKG. Staff: Founder (PhD Scientist), CEO, VP Business Development • WPI’s contribution: • Well-known faculty scientist in applicable product area • Graduate student interns and research assistants • Appropriate government/defense contacts which led to → • Possible $3M research appropriation • Contacts to relevant VCs for additional funding • UMass Medical’s contribution: • Clinical trials in all 4 product customer areas: Hospital, Home, EMT, Military • Worcester’s contribution: • Affordable space • Affordable labor • Access to major highways/airports/rail service • Gateway’s role: • Facilitated exchange of information and ideas among academic leaders, other entrepreneurs, VCs and established companies
What’s next? • Financing: $ 2.5M - EDA Grant • 4.0M - WPI • 4.0M - WBDC • 2.0M - PWED Grant for • garage, roads and • surface lots • Parking garage and surface parking - 880 cars • Groundbreaking: Fall 2006
What’s next? • Space Available: parcels of 140,000, 100,000 and 80,000 square feet share a common landscaped quad • High-end residential condos with adjacent parking
What’s the vision? • A launching pad for WPI and other academic and medical institutions to enhance their leading-edge research programs in life sciences, biotechnology and bio/chemical engineering • A hub for the development and delivery of education and training programs to support life sciences, bioengineering and biomanufacturing • A vibrant community of young professionals; an environment that fosters the exchange of ideas among scientists, scholars, students and entrepreneurs • A tranquil, tree-lined, landscaped mixed-use campus close to the cultural pulse of the city (Worcester Art Museum, Tuckerman Hall, Mechanics Hall, DCU Center, Institute Park) • A new life to downtown Worcester by establishing a mixed-use destination which includes companies, residential and retail establishments
What can you do to help? • Talk it up – tell your clients and colleagues about Gateway Park • Refer companies you think might be a good fit • Share your ideas for building the future of Gateway Park Thank you!
Sources (1) Cushman & Wakefield, Meredith & Grew (2) WBDC/City of Worcester Statistics (3) Remedy Intelligent Staffing, Inc. – Life Sciences Group (4) Milken Institute Research Report, “America’s Biotech and Life Science Clusters: San Diego’sPosition and Economic Contributions,” Ross DeVol, Perry Wong, Junghoon Ki, Armen Bedroussian and Rob Koepp, June 2004. (5) Boston Globe, October 9, 2006. (6) Boston Business Journal, July 14, 2006. (7) Boston Business Journal, Book of Lists, October 2006. (8) Boston Business Journal, Book of Lists, March 2006.