South Florida Research Parks Continue Attracting Tenants

PALM BEACH, FL—South Florida’s research parks are getting more traction with the grand opening of a new 100,000-square-foot facility in the Tradition Center for Innovation’s (TCI) 150-acre research park in Port St. Lucie. The Vaccine & Gene Therapy Institute (VGTI) Florida has taken up residence in TCI’s growing biocluster.

"Having the opportunity to expand our portfolio and work alongside leading institutes, such as Torrey Pines, solidified our decision to expand to Florida and house our new facility at TCI," Mel Rothberg, CEO of VGTI, said in a statement. The Torrey Pines Institute for Molecular Studies opened its doors at TCI in 2006.

TCI's anchor members also include Mann Research Center and Martin Health System, which is set to break ground on its 82-bed acute care and clinical trials hospital on March 14. Construction on Mann Research Center's 60,000-square-foot medical office facility will begin in August 2012.

Bill Hunter, project leasing manager for the University of Miami Life Science & Technology Park (UMLSTP), tells GlobeSt.com the development of new research parks, the arrival of new companies, and the influx of new investment dollars are putting Florida on the world map as a hotbed of research activity in the areas of life science and technology.

The UMLSTP’s current master plan includes five buildings comprising between 1.6 million and two million square feet of space at full build-out. The park’s first building is projected to create more than 1,150 direct and indirect jobs, according to a study by the Washington Economics Group.

“We expect this growth to continue as companies from Europe, Latin America, the Caribbean, and other parts of the U.S. realize the significant advantages of doing business here,” Hunter says. “Florida’s location, climate, diverse population and business base, as well as tax advantages, give the state a natural leg up on other markets across the country and around the world.”