University Park, Pa. -- New construction and a growing list of corporate tenants are signs that Penn State's Innovation Park is continuing its mission to facilitate collaborations between business and University research that will result in new technologies and boost the region's economy.
In an informational report to the Board of Trustees today (Nov. 19), Eva J. Pell, vice president for research and dean of The Graduate School, and Karen L. Dickinson, director of Innovation Park at Penn State, outlined the recent progress and future expectations of the growing research park.
The board also approved continuing the Development Services Agreement with Research Park Management Corporation (RPMCo) for the management, supervision and coordination of development at Innovation Park.
The University entered into the agreement, scheduled to expire on Nov. 30, in March 1990. The new agreement will extend the relationship for 10 years.
RPMCo is a for-profit corporation owned by The Corporation for Penn State. Its directors consist of members of the Board of Trustees and senior officers of the University. It is charged with developing the park in accordance with a business plan previously approved by the board.
In the informational report, Dickinson noted that construction at the park has continued at a strong pace throughout the past year, with two new buildings nearing completion and two expansion projects completed.
The Outreach Innovation Building, which will be completed in the first quarter of 2005 and mark the end of the second phase of development at Innovation Park, will be the new home to both Penn State Public Broadcasting and the World Campus.
The second structure still under construction is the multi-tenant building at 328 Innovation Boulevard, which is being developed by private development company Innovation Capital Group and will be completed in December.
A number of tenants have already committed to leasing more than 80 percent of the 75,000 square foot facility, one of the first projects in the third phase of the park's development. Dickinson explained that tenants for the new building bring a wide range of specialties, including satellite communications applications, architecture and engineering, accounting, law, weather forecasting and procurement consulting.
Also taking space in the building is HigherEdJobs.com, a Web-based job posting and information site for colleges and universities. A start-up company founded by Penn State graduates John Ikenberry and Eric Blessner, HigherEdJobs.com moves from the Technology Center's business incubator facility, which helps start-up businesses in their formation and growth, improving chances for success during the first years.
"As the 328 Innovation Boulevard project is nearing completion, the Innovation Capital Partners group is making plans for the next multi-tenant building to be developed in Phase 3 of the Park and we are looking forward to continuing to provide opportunities for companies to access the resources of Penn State to help them achieve success," Dickinson said.
Earlier this year, The Penn Stater Conference Center Hotel doubled its total number of guest rooms with the addition of 150 new rooms, as well as adding 3,000 square feet of executive meeting space.
The Technology Center, which houses the Penn State Research and Technology Transfer Organization, the Chamber of Business and Industry of Centre County and the business incubator facility, saw the completion of a 20,000 square foot addition providing additional office and wet lab space for start up companies in Centre County, many of which spin out of Penn State.
Construction also began this year on the Innovation Boulevard extension, which, when completed, will provide access to five additional building sites.
Looking to take advantage of part of Gov. Ed Rendell's economic stimulus package, Penn State has entered into a partnership with Centre, Blair and Bedford Counties to establish a Keystone Innovation Zone (KIZ) along the I-99 corridor, Pell said.
The KIZ is designed to create entrepreneurial opportunities by aligning the combined resources of the university, private business, business support organizations, commercial lenders and others in hopes of driving the region's economy with the creation of long-lasting jobs. It is also designed to provide opportunities for the talent emerging from Penn State's undergraduate and graduate programs.
In the fiscal year 2004, half of Innovation Park's 42 tenants utilized Penn State student interns while a quarter of the businesses employed a total of 17 Penn State graduates. The park's tenants are finding a mutually beneficial partnership with Penn State faculty as well, resulting in $430,000 of sponsored research projects in 2004.
"The goals of the park are technology transfer, economic development, retention and recruitment of entrepreneurial faculty, and the formation of partnerships with business that will result in sponsored research opportunities and work force development," Pell said. "Ultimately, these activities will contribute to job creation and strengthening of the economic base of the region."
Innovation Park, on which construction first began in 1993, consists of 118 acres of land to be developed. Buildings completed and currently under construction total 750,000 square feet, and at its capacity, the park can accommodate about 1.4 million square feet of development.