South Florida Seeing Mini-Biotech Boom

MIAMI—South Florida's research parks have been making some noise lately. But can the market establish itself as a research and development cluster that competes with the likes of Boston, New York and North Carolina's Research Triangle? Some are beginning to think so.

When biotech started taking off a decade ago, economic development agencies from around the world trumpeted the benefits of their cities, states and regions for life science companies. Heavy concessions were offered, marketing programs were rolled out and headlines were penned.

South Florida didn't make a bold move then, but it's taking a progressive step now. There are two notable examples: the University of Miami Life Sciences & Technology Park and the Tradition Center for Innovation.

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. Judging by the lease-up of the first building, the demand is there. The park's 252,000-square-foot building is 63% occupied less than six months after opening. Tenants include Advanced Pharma CR, LLC and the Enterprise Development Corp. of South Florida.

"We expect this growth to continue as companies from Europe, Latin America, the Caribbean and other parts of the US realize the significant advantages of doing business here," says Bill Hunter, project leasing manager for the UMLSTP. "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."

TCI is also seeing a spurt of activity. The Vaccine & Gene Therapy Institute of Florida has taken up residence in the growing biocluster. And Martin Health System just broke ground on its new hospital at TCI, a 150-acre research park in Port St. Lucie. The 90-bed Tradition Medical Center will serve as a resource for research studies.

TCI's anchor members also include the project's developer, Mann Research Center, and Martin Health System, which was 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.

What's next for TCI? "We always have interested parties reviewing relocation and expansion opportunities," says Andrew Favata, vice president of Mann Research. "Expect 60,000 square feet of medical office space to be under construction this year and more medical and life science space to be developed."