TOTAL PROJECT $116.8 million
FCLF NMTC ALLOCATION $5.7 million
QLICI: $5.7 million *
252,000 Square Foot Complex
357 Temporary Construction Jobs
249 Permanent Jobs
Wexford Science + Technology developed the UM Life Science Park to provide opportunities to foster the development of life sciences, technology, and biotechnology innovations. This 300,000 sf complex, adjacent to the University of Miami, includes a research lab and a business incubator for emerging businesses affiliated with university research.
FCLF’s NMTC allocation was used to help attract additional NMTC and conventional funding for pre-development and construction of the first building in the park. The project has created 790 jobs during construction and expects to create over 700 permanent jobs when fully occupied. The project is located in a census tract with 39% MSA and 43% poverty rate. Construction of the research park began in December 2009.
INVESTOR: U.S. Bancorp Community Development Corporation
ADDITIONAL NMTCs: Urban Research Park
LENDER: M&T Bank, Townsend Capital, and others
* TOTAL QLICI: $30.2 million, includes Urban Research Park & Florida Community Loan Fund
This transaction was finalized in April 2009.
To view more pictures, visit our Flickr page for University of Miami Life Science Park.