Located 16 miles southeast of Las Vegas, NV, Henderson is the second-largest city in the state and a highly desirable place to live and work in the Las Vegas metropolitan area.
The City of Henderson had a vision of a downtown innovation district. They hired IPG to complete a development feasibility study so they could consider the viability of developing the infrastructure needed to successfully commercialize the ideas and innovations needed to propel Henderson into the future.
The City of Henderson hired IPG as they wanted to understand the true feasibility to develop the necessary infrastructure to successfully commercialize the ideas, innovations, and information that would propel Henderson closer to a more fulfilling and innovative economy and establish a better future for their community.
IPG ran a predevelopment program that leveraged the city’s existing convention center infrastructure and transformed it into an innovation park featuring research labs, a STEM learning center for children, and a new convention center.
Working closely with Henderson’s economic development corporation, the local real estate community, and local innovation-based organizations, IPG found that the development site was well-positioned to realize an efficient program.
The scope of work consisted of three major phases:
PHASE ONE
We recommended the creation of a scientific roadmap and economic development strategy for an urban innovations park. The product of this analysis helped to guide a focused marketing plan, targeting users who would advance Henderson’s goal of becoming a top innovation-based community in Nevada.
Kickoff Meetings
We first conducted a multi‐day series of meetings to refine the scope of work, establish communication protocols, and review all pertinent materials and public documents related to the project’s master plan, as well as the general area. We interviewed key clients and local government staff, institutional leaders, business leaders, and industry contacts.
Detailed Scientific Analysis
We coordinated meetings with team leads from local government, universities, and potential strategic partners to fully understand the type of research they were conducting. The information was then used to identify local scientific strengths and the likelihood of collaboration with other companies or industry organizations.
Market Overview
We evaluated local economic and demographic conditions and their potential impact on the project’s development.
This entailed:
A review and analysis of existing market data, demand/supply conditions, and absorption potentials for significant land use.
We provided focused updates specifically in the areas of research and development (R&D), and pharmaceutical/medical device manufacturing.
Outlined vital objectives, including project features, facilities, land use, and building characteristics to achieve maximum market support for the development concept.
Prepared strength, weakness, opportunity, and threat (SWOT) analysis for the project.
Site Analysis
The IPG team validated critical assumptions used in the project’s development program. This involved analyzing salient site characteristics and assessing the general environs to determine opportunities afforded by the property to support various types of development. The analysis included a summary of site locations and many other aspects, including competitive advantages and disadvantages, visibility, access, existing and potential adjacent uses, and other physical issues that affect the site’s market potential.
Local and Regional Assessment
We also examined the strengths and weaknesses of the local and regional economy and quality of life. This entailed an analysis of area demographics and focused on the implications of such a project on established concentrations of biotechnology and high tech firms, both in Henderson as well as the greater Las Vegas area.
Innovation Market Assessment
The case studies and the strategic assessment provided us with the critical information we needed to determine the supportable market rent for biotech uses and assist in the development of a marketing strategy. We successfully determined specific targets by analyzing high-growth areas in innovation industries and determining which sectors had the most potential for the site.
One way of tracking future growth, specifically in the biotechnology industry, is by analyzing primary sources of funding for research and startup companies. Biotechnology companies generally rely on public funding in their early discovery research phase and will seek private financing partners for the product testing and development phases. In our estimation, sectors that receive the most funding from NIH would serve as a key indicator of the future direction of the biotechnology industry.
Preliminary Design Study
Once we had determined a site for either the innovation park or a phase-one innovation incubator, we were willing to offer a high-level design study. We offered layouts as concept design diagrams that would address both layout and building massing. These concept diagrams were then used in discussions with key stakeholders to ensure the issues of design intent, growth, and systems integration were both communicated and understood.
PHASE TWO
Pre-Development Completed
Marketing and Branding Concepts
Full Architectural and Engineering Services Initiated
Construction Cost Analysis
Financial Modeling Services
The Challenges
1
Keeping design intent and system integration in line
2
Ensuring funding
3
Determining the supportable market rent for biotech uses
The Success
1
Development of the Feasibility Analysis
2
Anchor Tenant Curation
3
Establishment of Credit Enhancement Vehicles
IPG Success
Development of the Feasibility Analysis
Anchor Tenant Curation
Establishment of Credit Enhancement Vehicles
In the end, IPGs real estate review supported the City of Henderson in making the best decisions possible for their development program advancement. The city council voted in favor of a downtown technology hub and innovation center, partnering with Cox Communications in creating what is now known as the Water Street Innovation District.
