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.
- Poverty Rate: 41.8%
- Median Family Income: 39.03%
- 2.37 times the national unemployment rate
- 381 created jobs
- 68 construction jobs
- 343 quality jobs
- 38 jobs accessible to LIPs
- 195 indirect jobs
- 19 indirect construction jobs
- 13 LIP/LIC student internships
- 22,000 SF innovation space available for public access
To determine if the Project would meet the local community alignment goals, the 2025 Downtown Miami Master Plan (“the Plan”) was reviewed. The Plan, crafted in 2009, serves as a 15-year roadmap that aims to enhance the livability and quality of life in Downtown Miami. It also is intended to serve as a benchmark for encouraging investment by both public and private sectors, with the goal of transforming Miami’s urban core into the “Epicenter of the Americas.” The Project is in direct alignment with two of the Plan’s five goals, first to “Enhance Our (Miami) Position as the Business and Cultural Epicenter of the Americas” and second to “Create Great Streets and Community Spaces”.
In the first goal, a key point was to generate new businesses that become job generators and add vitality to the downtown region and/or bring more residents to the city. This will be satisfied by the project, as the CIC will provide workspace for innovative start-up companies and entrepreneurs that are trying to grow and become more mature, which involves the creation of jobs and plans for entrepreneurial firm growth. An additional point to this first goal is to encourage the University of Miami and other collegiate presence to “provide downtown with greater opportunities for continuing studies.” The CIC innovation district will be a part of an existing building in the University of Miami’s Life Science & Technology Park, enabling additional studies in the public spaces and through programs organized by CIC. Based on information from CIC, they plan on collaborating with local universities and schools to place 12-20 students each summer with CIC startups, which will give them valuable experience and unique opportunities otherwise unavailable and supporting the incubator firms with unique staffing opportunities.
As for the second goal, the Project will meet the goal to create great community spaces and enhancing downtown corridors. A large part of the Project involves the development of a free public innovation space where diverse persons can gather and collaborate together, which directly fulfills this part of the Plan and its related goals.