LEXINGTON, Ky – The University of Kentucky recently broke ground on a $15 million development on UK’s Coldstream Research Campus. The facility will offer office and laboratory space for early-stage companies working to develop and commercialize products and services.
“When we think about strengthening our economy — particularly following the challenges we’ve faced over the past year — we believe that partnership with the city and the business community is the best way to move forward,” said UK President Eli Capilouto. “This space will create new opportunities for businesses to establish themselves here in Kentucky, create jobs and contribute to economic growth.”
The facility will be named The Core, which stands for collaboration, research and entrepreneurship. It’s envisioned as a first stop for companies looking to locate and grow on the research campus. Construction is expected to be completed in early 2022.
The new lab on UK’s Coldstream Research Campus will offer early-stage companies office and lab space in an environment where they can further develop and commercialize their products and services. Construction is expected to be completed in early 2022.
Kentucky Technology Inc. (KTI), a subsidiary of the UK Research Foundation, will master lease 20,000 square feet of the building’s estimated 40,000 square feet. KTI plans to sublease its space to appropriate high-tech companies. The facility will bring in not only startup companies being incubated at UK, but other companies moving into Central Kentucky.
“KTI’s experience as a master lessor and support from our board provided a strong anchor tenant which enabled this project to move forward,” said George Ward, president of KTI. “The Core will provide an opportunity for more early stage high-tech companies to flourish in Lexington as they grow well-paying jobs and create new products that improve people’s lives.”
The Core was made possible through a public-private partnership with the Woodbury Corp., the company developing the facility. The project was also supported and expedited through partnerships with state, city and local officials.
A product development initiative (PDI) grant created by the state and the Kentucky Association for Economic Development and supported by Commerce Lexington will enable the Coldstream Research Campus to receive a $500,000 matching grant to develop lab space in the new building.
The city of Lexington has also helped encourage the development through a change in Coldstream’s zoning definition as well as by providing tax incentives.
This content was originally published here.