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Press Release
Wet lab space in Creve Coeur finally coming to fruition
A long-awaited commercial wet-lab building for biotech companies is finally getting in the ground in Creve Coeur, developers said Tuesday.
Tuesday, January 15, 2008
Wexford Science & Technology LLC, based in Hanover, Md., said it expects to complete the $36.1 million, 118,000-square-foot building by the summer of 2009. It is the first in what could be a three-building commercial research center, dubbed the Bio-Research and Development Growth Park, on the grounds of the Donald Danforth Plant Science Center.
Wet labs are specialized and expensive facilities used for scientific research.
"We're very excited all the pieces are falling into place," said Louis Kiang, vice president of Wexford. "There is enough of a market there and a critical mass (of biotech companies) to support at least two buildings."
The final piece enabling the start of construction is tax abatement from St. Louis County. The County Council on Tuesday indicated its support and final approval could come within a few weeks. The abatement would cap off a public incentive package that includes $1 million in state tax credits, which were supported by the city of Creve Coeur and the Ladue City School District, according to a press release issued by the Plant Science Center.
Wexford is in "serious negotiations" with two anchor tenants plus a third one that is smaller, Kiang said. He said the chances of a fourth signing on are "greater than 50 percent," and two more are on the fence.
If all six sign on, the building would contain 340 full-time, highly paid workers, the press release said. Construction is expected to support another 390 temporary jobs.
Kiang and Rob Rose, spokesman for the Plant Science Center, declined to identify the tenants under consideration. But they are "the obvious ones, the low-hanging fruit," Kiang said, noting that his company has yet to begin actively marketing the center.
The Nidus Center for Scientific Enterprise, a business incubator on the Monsanto Co. headquarters campus just across Olive Boulevard, is considering a move into the building, said its president, Bob Calcaterra. St. Louis Community College has said it is interested in housing a biotech work force training program there.
Some Nidus Center tenants that are preparing to graduate to commercial space, including Divergence Inc., also said they would consider the development. Companies that work in plant science are attracted to the site by the opportunity to collaborate with researchers at the Plant Science Center, and the chance to use its highly specialized equipment at reduced rates.
Four years ago, business and civic leaders identified the need for a commercial building offering affordable wet labs for Nidus Center graduates and startup firms that could be lured from out of town. Wexford is the third developer to take a crack at it.
Once the first building is about 65 percent leased, which will happen if four of the six current prospects sign on, Wexford will begin designing a second facility of at least 90,000 square feet, Kiang said. He is hopeful there will be enough demand for a third building — and that other research-intensive industries, such as engineering and defense, will consider adjacent parcels for development.
William Danforth, chairman of the Plant Science Center and champion of this project, said in a statement the wet lab will "assure that we continue to leverage the commercial potential of our community's strengths in life sciences research, and in doing so bring increasingly significant economic benefits to the people of our region and state."
Wexford Science+Technology
7312 Parkway Dr.
Hanover, Maryland 21076
t 410.579.4005
f 410.579.4890