The State of Connecticut has launched a three-year, $100 million effort to revitalize Science Park, a business incubation complex on Winchester Avenue in New Haven, and its surrounding neighborhoods. As part of that effort, Yale will contribute about $600,000 over the next two years to help stablize the park's operating budget while the construction of new space is underway.
Established in 1982, Science Park was created through a collaboration between the state, the City of New Haven, Olin Corp. and Yale. Located on a century-old factory complex, the park serves as an incubator for start-up technology companies. It is currently home to about 150 companies, including three successful biotechnology companies that had their roots at Yale: Alexion, Genaissance and Vion. During recent years, however, the park's facilities have been deteriorating, and the venture has been operating at a deficit.
The revitalization plan, which was announced by Governor John G. Rowland at a press conference in Science Park on June 24, calls for 35 of the park's nearly 80 buildings to be razed over the next year, at a cost of $7.4 million. These structures, which are now vacant, will be replaced with new, improved facilities, including a $5 million laboratory and office building. In addition, the Governor pledged nearly $1.6 million for the renovation of existing office and laboratory space.
Improvements in neighborhood. In addition, $86 million will be spent improving the neighborhoods surrounding Science Park. Plans call for 462 units of public housing to be replaced with 455 units of privately owned and managed units.
As a partner in Science Park, Yale has contributed nearly $1.7 million to the complex over the past four years, noted President Richard C. Levin at the June 24 press conference. "I must emphasize, however," he said, "that the real measure of Yale's contribution to Science Park's future and indeed to biotech development in this city and region is many times greater. Each year, almost $300 million flows into the region from the federal government, as well as from foundations and corporations around the nation, to be spent on research at Yale. It is this ongoing base of fundamental and applied research that produces the ideas and inventions that form the basis for the new businesses that will fill Science Park and other new sites in New Haven."
Levin added: "In my view, there are few things that Yale can do that will make a larger contribution to advancing the economy of this city and region than this expanded commitment to technology transfer. It is my profound hope that, over the next decade, Yale's world class research will become the engine that drives a dramatic resurgence in New Haven's economy."
|