The redevelopment agency is currently in discussions with developer Mission West Properties for the construction of a 33,750-sf structure in New Edenvale. The proposed facility would provide office and common space and space for business support services for 10 to 15 bioscience start-up companies.

The goal of the incubator is to diversify the city's economic base, provide increased revenues for both direct and indirect job growth, and establish San Jose as a bioscience cluster. It will operate as a nonprofit organization to serve start-up companies developing technologies and innovations in the converging fields of bioscience, medical device technology and information technology.

The SJRA will invest an estimated $6.5 million towards the construction of the facility and capital equipment. This includes $6 million for construction and $500,000 for the first three years of operation. The incubator is projected to be self-sustaining by its fourth year of operation, say city officials, who add that it will bring a number of benefits to San Jose residents and workers.