Phase 3 set to start at Innovation Park
Innovation Park at Penn State, the University's research park at University Park, is set to launch Phase 3 of development, which will involve the remaining undeveloped 75 acres in the western part of the 118-acre site.
In a competitive bid process concluded recently, the University chose Innovation Capital Partners to develop Phase 3. Innovation Capital Partners is a development group which includes CB Richard Ellis, a global real-estate services firm, and L. Robert Kimball and Associates, a full-service architectural and engineering design firm.
Innovation Capital Partners is leasing the park's entire remaining undeveloped parcel and can develop up to 800,000 square feet in that acreage. The number and type of buildings developed will depend on tenant requirements.
Steven Kohler recently joined CB Richard Ellis and will serve as project manager for Phase 3. He will have an office at Innovation Park in the Technology Center.
The University's Board of Trustees adopted Innovation Park at Penn State as a phased-development project in 1987 to assist in the economic revitalization of the commonwealth.
According to Karen Dickinson, park director, there are currently 41 tenants at Innovation Park employing more than 770 people. In addition, 39 percent of the tenants provide work experience for student interns and the same proportion have hired University graduates.
Phase 1 includes the Technology Center building, which houses the Centre County Chamber of Business and Industry business incubator as well as the University's industrial outreach and technology transfer programs; The Penn Stater Conference Center Hotel; the Materials Research Institute Building; and Daybridge Child Care Center.
Phase 2, begun in 1997, includes two fully occupied multi-tenant buildings developed by PSRP Developers. A third building, for use by the University, is planned for the remaining lot in the Phase 2 parcel. Eventually, Phase 2 also will provide an additional entrance to the park when Interstate 99 is completed.
A complete list of the companies located at Innovation Park at Penn State is on the Web at http://www.innovationpark.