SAN JOSE-The San Jose Redevelopment Agency has approved a bioscience initiative that calls for the financing of facilities and equipment necessary for a Bioscience Incubator and Innovation Center in the Edenvale Redevelopment Project Area.

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.

According to city leaders, San Jose is well positioned to nurture a biotech cluster as it currently ranks 10th in the nation in the medical technology industry, with more than 26 bioscience and medical technology companies operating within the city limits. In addition, San Jose is home to numerous early- and late-stage information technology companies in the software and hardware sectors generating thousands of job opportunities for area residents.

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