Lexington, Kentucky (February 23, 2021) Today, representatives of the University of Kentucky, Woodbury Corporation, state and local authorities have begun to become home to early-stage high-tech enterprises throughout Kentucky.
With the new $ 15 million development at Coldstream Research Campus in the UK, these early-stage companies will provide office and laboratory space in an environment where they can further develop and commercialize their products and services.
British President Eli Capiluto believes that partnerships with cities and the business community are the best way to move forward, especially when considering strengthening the economy following the challenges faced over the past year. This space creates new opportunities for businesses to establish their position here in Kentucky, create jobs and contribute to economic growth. As the University of Kentucky, we look forward to continuing our role for and with the State of Kentucky.
The name of the new facility will be The Core Collaboration. the study. Designed to be an entrepreneurial and first stop for businesses looking to find on a research campus. The project adds the necessary wet lab space in central Kentucky and near the interstate highway, a workspace for businesses and individuals who need to quickly move to local facilities.
A subsidiary of Kentucky Technology, Inc. UK Research Foundation (KTI), masters the 20,000-square-foot lease of an estimated 40,000-square-foot building. KTI will sublease the space to the appropriate tech company. The facility attracts not only UK-incubated start-ups, but also other federal companies.
George Ward, President of KTI, said KTI’s experience as a master lender and support from the board of directors provided a strong anchor tenant to move the project forward. Core offers the opportunity to thrive in Lexington as earlier tech companies grow high-paying jobs and create new products that improve people’s lives.
The core was made possible by a public-private partnership with Woodbury Corporation, the company that develops the facility.
Woodbury Corporation is honored to be able to integrate its 100-year history of commercial real estate with the Coldstream Research Campus of the University of Kentucky to provide the home of Kentucky Technology. Rick Woodbury, Chairman of Woodbury Corporation, said. Like the other research parks we work with, the campus expects continued growth and success, and it is steadily established as the premier place for technological innovation in the region.
The British Council has approved the construction and partnership of the facility. Exactly a year ago, the timeline agreed by the authorities is evidence of prioritizing Lexington and federal innovation and economic development. This project was supported and promoted through partnerships with state, city and local officials. With a Product Development Initiative (PDI) grant created by the state and the Kentucky Economic Development Association and supported by Commerce Lexington, the Coldstream Research Campus has a $ 500,000 matching grant to develop lab space for new buildings. Can be received.
An important part of ensuring a bright future for Kentucky is the ability to establish Kentucky as the premier destination for high-tech business, said Kentucky Governor Andy Beshear. The addition of The Core to the UKs Coldstream Research Campus is proof that PDI is one of many tools that can help you do just that. This new laboratory will be a gateway for innovative start-ups looking to take the next step in development. I would like to congratulate everyone in the UK and their partners on this important step in ensuring the sustainable success of their business in Kentucky.
This is exciting news for Lexington and Central Kentucky, said Ray Daniels, Chairman of the Board of Commerce Lexington. Having a new lab space is important not only to generate more ideas and innovations, but also as a tool for adopting new businesses in Lexington. This will be a great asset for the growth of the technology and life sciences sector as it increases opportunities for expansion. The Economic Development Team at Commerce Lexington Inc. is proud to work with staff at the University of Kentucky to secure a grant for this project. It was a true team effort.
Through changes to the coldstream zoning definition and the provision of tax incentives, the city of Lexington has also become an important partner in the advancement of the facility.
The Coldstream Research Campus is an important key to Lexington’s economic development and growth, said Linda Gorton, Mayor of Lexington. The partnership we have built with the University of Kentucky to develop the region creates a live, work, play and innovative environment. Lexington will continue to grow as a hub for high-tech development, and the core will be an important part of our progress.
Construction is expected to be completed in early 2022. Contact the Coldstream / KTI Office (859-231-8324) or Woodbury Corporation (402-405-1823) for leasing information.
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