Memphis Bioworks Inc. is an entity comprised of members from the Memphis Economic Development Corporation, St. Jude, Baptist Memorial, LeBoehner Institute, and The University of Tennessee.
Memphis Bioworks Foundation is an organization that creates companies and facilitates investment in bioscience. It was established in 2001 to foster economic growth by investing in the potential of entrepreneurs and startups, building high-tech laboratories and facilities, and training a new generation of workers.
We joined the project when they were at the phase three predevelopment stage of their eight- acre site, adjacent to the University of Tennessee in downtown Memphis. The goal was to transform the site into a life science and research park.
Bioworks lives within a 100,000 square-foot accelerator tower. The organization had recently developed the TriMetis Specialized Laboratory in a $23M, 26,000 square-foot, pre-clinical GLP- compliant facility. The laboratory is operated by TriMetis Life Sciences, a pre-clinical services company dedicated to helping companies accelerate research through access to specialized laboratories and research expertise.
The first phase of the project consisted of 250,000 square feet of research space with a master plan of 1.2 m square feet.
IPG assisted the organization by securing new market tax credits and a state grant that would provide tenants with affordable rents while maintaining the historical aspects of the facility.
The Challenges
1
Providing tenants with affordable rents while maintaining the historical aspects
2
Transforming the site into a life science and research park
3
Focusing on growth without the imminent threat
The Success
1
Development Feasibility Analysis
2
Anchor Tenant Curation
3
Credit Enhancement Vehicles
Development Feasibility Analysis
Anchor Tenant Curation
Credit Enhancement Vehicles
Real Estate Review
IPGs involvement and input allowed Bioworks to make the best possible decisions to advance their development program.
