In a day marked by three major growth announcements at the Iowa State University Research Park, state and university officials today gathered to mark the groundbreaking of a new Economic Development Core Facility. The $12 million, 50,000 square foot facility’s groundbreaking also served to formally announce a major park expansion which is expected to create nearly 5,000 new jobs and create an additional $100 million in annual payroll within 15 years.
The Core Facility, which is being funded via a $12 million state appropriation signed into law by Governor Terry Branstad in 2013, is designed to provide a single-stop location for companies and entrepreneurs to access all economic development services offered through the university and other statewide and regional organizations. Offices to be housed in the new facility include research park administrative offices, the Office of Economic Development and Industry Relations, the Center for Industrial Research and Service, the Iowa Small Business Development Center, the Pappajohn Center for Entrepreneurship, ISU’s Office of Intellectual Property and Technology Transfer, the Iowa State Research Foundation and the Cultivation Corridor.
In tandem with the economic development facility groundbreaking, construction and ag equipment manufacturer Vermeer Corporation announced plans to expand their current space at the park by building a new Vermeer Applied Technology Hub. Click here for more information on the Vermeer project.
The ISU Research Park currently is a 400+ acre development with over 501,521 square feet of building space housing 60 tenants. The expansion announced today proposes that the park will boast over 1.8 million square feet of building space.
For more information on the research park, visit www.isupark.org.