CORTEX Announces $186M Phase II in Biotech District
- Nov 06, 2012
Phase II of CORTEX, midtown St. Louis’s bioscience and technology hub, will bring 384,000 square feet of additional lab and office space to the technology district. The total facilities space in the technology district will total over 1,000,000 square feet when the phase is complete.
Located at 4320 Forest Park Avenue, CORTEX was founded in 2002 through a $29 million investment from the founding partners Washington University in St. Louis, BJC Healthcare, University of Missouri-St. Louis, Saint Louis University and the Missouri Botanical Garden.
John Dubinsky, chairman of CORTEX, said: “Ten years ago we had a vision to transform an aging 200-acre industrial area into a vibrant, technology district. CORTEX has since become an unquestioned success, positioning St. Louis as an emerging, national center of bioscience, technology, and innovation.”
The $155 million first phase of the development resulted in approximately 950 technology and building management jobs and 124 housing units. Phase II of the development will result in another $186 million of district investment, including a $26 million MODOT I-64 interchange which will become the new gateway entrance into the center of the CORTEX district.
A new partnership with Wexford Science and Technology sees the national research park developer invest over $100 million in CORTEX. As part of the second phase, Wexford Science and Technology will acquire the CORTEX I building for $26 million and in December will purchase the 190,000-square-foot historic Heritage warehouse, located on Duncan and Boyle Avenues. The company will invest $73 million in lab and office renovation and will also contribute $7.35 million towards public infrastructure. Around 400 jobs are expected to be created in the Heritage building.
Phase II will also feature a new 200,000-square-foot, $45 million office building, constructed by BJC Healthcare which will house 1,000 employees.
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Rendering Courtesy of: www.cortexstl.com