University of Miami Life Science & Technology Park*
Miami, FL
The Overtown neighborhood is the historic heart of commerce for the African-American population of Miami, Florida. The second oldest continuously inhabited neighborhood of Miami, prior to the 1950’s, the area thrived as a center for commerce and culture. Urban Renewal projects like I-95, the Dolphin Expressway and the Midtown Interchange fragmented the community and one of the adverse effects of desegregation was an outward migration of businesses and residents to less impacted neighborhoods.
University of Miami Life Science & Technology Park anchors a new innovation district in Overtown. Seeing the potential of this anchor, MBS UI financed the fit-out of approximately 102,000 SF of space within an existing building in the University of Miami Life Science & Technology Park. The new space provides the physical facilities, amenities, and programming essential to build an inclusive entrepreneurial community.
The Cambridge Innovation Center (“CIC”) leased space on the 3rd and 6th floors, replicating its nationally acclaimed co-working and flexible office space model. CIC also transformed the lobby of the building into a public innovation space, working in partnership with its nonprofit sister organization, the Venture Cafe Foundation, to provide assembly spaces, open workspaces and classrooms, and free weekly seminars and office hours for those interested in starting a business. Roughly 22,000 square feet elsewhere in the building provide space for life science and technology companies that support the growing innovation community.
The project created 76 construction jobs paying an average of $25.00 an hour. 20% of the construction jobs went to local residents and 60% were accessible to low-income persons. In operation, the project has resulted in 378 full-time jobs, 15% of which are accessible to low-income persons. The full time jobs pay a living wage with full benefits.
This institution is an equal opportunity provider.
Quick Facts
Goal of the project: The creation of an inclusive innovation district in the heart of an historically disinvested minority community.
Total Development Costs: $12,691,072
Square Footage: 102,000 sq. ft.
Developer: Wexford Science & Technology, LLC
Owner: Wexford Miami, LLC
Allocatee: MBS Urban Initiatives, CDE, Community Hospitality Health Services
NMTC Equity Investor: U.S. Bancorp Community Development Corporation
Other Financing: BioMed Realty
Allocation Amount:
MBS UI: $5,000,000
CHHS: $6,500,000
Construction Jobs: 76
Permanent Jobs: 378 FTE
Investment Date: December, 2015
Opening Date: December, 2016