Wayne State University President Irvin D. Reid said the university's planned Research and Technology Park today received an important financial boost with the announcement of a $2 million grant from the Michigan Economic Development Corporation Core Communities Fund, initial seed money that will enable it to begin work on a high-tech business incubator in Detroit's New Center Area.

"This Core Communities grant will help the Wayne State University Research and Technology Park in the City of Detroit make an important next step toward attracting high-tech businesses and development to the area," Reid said.

The grant will be used to renovate the former General Motors Creative Services Building into Tech Park One, Reid said. Tech Park One will be the Park's nexus, offering high-tech tenant space and a business incubator. Businesses that move into the facility will be able to take full advantage of the academic and research resources Wayne State has to offer.

Last year, the Michigan Legislature established the Core Communities Fund to finance urban redevelopment and the state's SmartZone initiative. The WSU Research and Technology Park will be part of the Woodward Technology Corridor, which holds a Michigan SmartZone designation.

The Research and Technology 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 St. in the New Center area, on the west by Second 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 diversification 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
  

"The Research and Technology Park will be an enduring legacy to the city of Detroit and Southeast Michigan," Reid said. "The park will be a catalyst for development. The businesses it will attract and the jobs created as a result will diversify the region's economy and continue to fuel Detroit's economic rebirth."

The park represents a unique public-private partnership that is committed to diversifying the regional economy. In addition to WSU, this partnership includes the General Motors Corporation and the donation of its Creative Services Building. Other partners include: Detroit Renaissance, the Detroit Medical Center, Henry Ford Health System, Hudson-Webber Foundation, the University Cultural Center Association, the Detroit Regional Chamber of Commerce, the New Center Council; the Detroit Economic Growth Corporation, the Greater Downtown Partnership, Metropolitan Detroit AFL-CIO and the U.S. Small Business Administration.