The project is part of the ongoing development of an “innovation district” in central Miami in order to bring economic growth and opportunity to the historically underserved neighborhood of Overtown, and includes the development of approximately 102,000 square feet of space in an existing building that is located in the University of Miami Life Science Park (“LSTP”). Located in the center of the Miami Health District with six nearby hospitals, LSTP provides facilities, infrastructure and interdisciplinary opportunities to foster the development of life sciences, technology and biotechnology innovations. LSTP is intended to create synergies between research institutions, testing laboratories and the university to advance clinical breakthroughs and healthcare advancements that will benefit all people.
Wexford Science and Technology (“Wexford”) is a BioMed Realty company that works to meet the growing and specialized needs of for-profit and not-for-profit institutions, including universities, university-related research parks, and healthcare systems. The majority of the build out will be Master leased by Wexford to Cambridge Innovation Center (“CIC”).
CIC is one of the nation’s largest flexible office space facilities for new, innovative and growth oriented companies. It is expected that the space will be leased to a mix of healthcare and biotech companies that are relatively new and looking to grow. Additionally, CIC will be transforming the lobby of the current space into a public innovation space where diverse community members can gather, collaborate, and innovate. CIC will also work with their nonprofit sister organization, Venture Café Foundation (“VCF”) to develop and manage the space to be accessible and inviting to the surrounding community. As a part of this, many public benefits are anticipated, including: assembly spaces, open workspaces and classrooms, and free weekly seminars and office hours for those who are interested in starting a business or learning about entrepreneurship. All 22,000 square feet of public event space will be accessible to nonprofit community groups at free or reduced cost.
The additional build out will be for three other tenants: 1) Trina Health, which offers innovative diabetic treatment to patients suffering from diabetes; 2) InVentiv Health, a company focused on assisting biotech companies and other startups from the lab to the healthcare market, and 3) Longeveron, a startup Biotech company.