The park represents a unique public-private partnership that is committed to diversifying the regional economy. In addition to WSU, this partnership includes the city of Detroit, General Motors Corporation and Detroit Renaissance. Additional support for the park came from Henry Ford Health System, the Detroit Medical Center, HudsonWebber Foundation, the University Cultural Center Association, the Detroit Regional Chamber, the New Center Council, the Detroit Economic Growth Corporation and the U.S. Small Business Administration.
"This long-awaited designation now allows us to move forward with the creation of the Wayne State University Research and Technology Park in the city of Detroit, a place where people will live, work, play and participate fully in the research and academic programs of the university," Reid said.
The SmartZone designation for the Woodward Technology Corridor, which was announced by the Michigan Economic Development Corporation, makes WSU's Research and Technology Park eligible for more than $12 million in tax increment financing over the next 12 years. The park is the first proposed development slated for the corridor.
"With this designation, taxpayers will be investing in the future of their city, the region and the state," Reid said. "It is an investment that will pay off in more than just jobs. It will make the neighborhood and community stronger.
"The investment in the Wayne State University Research and Technology Park will give university researchers and students an opportunity to find practical and profitable applications of their research instead of looking to other parts of the country for support. And this investment will give Southeastern Michigan's business leaders and entrepreneurs a chance to benefit from the wealth of experience."
The park will be located on 75 acres just north of WSU's campus. It is bordered on the south by the Ford Freeway (Interstate 94), on the north by Amsterdam Street in the New Center area, on the west by Third Avenue, and on the east by Woodward Avenue. When completed, Reid said the park will help diversify the local economy and could generate 1,800 new jobs for the area. The park will contribute to the divers)fication of Michigan's economy by attracting businesses that want access to the university's intellectual and research resources.
In addition, the park will create a streamlined and constant flow of innovation from WSU laboratories to the regional economy. Current park plans include:
- 500,000 to 700,000 square feet of multi-tenant space
- On-site business incubator
- Wet laboratory space
- Next generation Internet II connections
- Conference facilities
- Attractive streetscape improvements
"Wayne State University prides itself on providing a premier education and in preparing our students to meet the needs of today's technological workplace," Miller said. "The creation of the park provides another kind of 'classroom' that our students can develop and implement the skills that they study in the university's traditional classrooms.
"The Board of Governors enthusiastically supports President Reid's vision of the Research and Technology Park and his commitment to the revitalization of the campus neighborhood."
The park will be another example of the Detroit's resurgence and Michigan's positioning for global high-tech preeminence. The park will foster and sustain an entrepreneurial spirit throughout WSU and will anchor the Woodward Technology Corridor, which stretches from the Detroit River to the New Center area.
Reid said the SmartZone designation means that the park's Board of Directors can move forward with plans to hire an executive director, select a master developer, raise additional funds from private sources and recruit businesses.
Wayne State University is a premier institution of higher education offering more than 350 academic programs through 14 schools and colleges to more than 30,000 students in metropolitan Detroit.