February 22, 2007
New Purdue Research Park incubator planned to meet demand from growing list of startupsWEST LAFAYETTE, Ind. The Purdue Research Foundation (PRF) board of directors on Thursday (Feb. 22) approved plans to add a $14.5 million, 113,000-square-foot facility to the Purdue Research Park's high-tech business incubation complex, which already is among the largest in the country.
"Our success at transferring Purdue University innovations into viable Indiana startups has come with a new set of challenges," said Joseph B. Hornett, PRF's senior vice president, treasurer and COO. "The inn is full, so to speak, and we have several companies on a waiting list for admittance into our two existing incubation buildings."
Construction on the planned facility, currently referred to as Purdue Technology Center II, is anticipated to begin within the next 18 months. The facility will be located on a 7.9-acre parcel of land in the research park's Phase II development on the south side of Win Hentschel Boulevard between Kent Avenue and Yeager Road.
"It is likely that approximately 50,000 square feet will be left unfinished during the first phase of the construction, thereby giving us the ability to accommodate more of the requests we receive from incoming high-tech firms wishing to relocate to the research park," said Gregory W. Deason, PRF's vice president for real estate and research park development.
Due to the increasing size of functions and companies at Purdue Research Park, construction plans call for a conference area with the capacity to seat 120 people, multiple meeting rooms, and an atrium that will facilitate networking events and client interaction.
In other action, the board approved the expenditure of up to $8.5 million to begin construction this summer on the foundation's third satellite incubator, the Purdue Technology Center of Southeast Indiana. Modeled after the Purdue Research Park's flagship incubator, the 30,000- to 40,000-square-foot facility will be constructed at the southeast corner of I-265 and Charlestown Road in New Albany, Ind. It will contain 18,000 square feet of business incubator offices, an economic development office and an office for Purdue's Technical Assistance Program, which connects companies with Purdue resources and assists them in implementing state-of-the-art technologies.
Contact: Jeanine Phipps, media relations, Purdue University/Purdue Research Foundation, (765) 494-0748; (765) 413-5579 (mobile); firstname.lastname@example.org
Related News Release:
5/25/2006 Purdue to offer 4-year degrees, build technology park at New Albany
Purdue Research Foundation: https://www.prf.org
Office of Technology Commercialization (PRF): https://www.prf.org/otc
Purdue University: https://www.purdue.edu
A publication-quality image is available at https://news.uns.purdue.edu/images/+2007/PRF-incubator.jpg
A publication-quality image is available at https://news.uns.purdue.edu/images/+2007/PRF-techcenter-seIND.jpg