OFFICIALS ANNOUNCE PLANS FOR SECOND BUILDING IN INNOVATION RESEARCH PARK @ ODU
Following the successful opening of Innovation Research Park @ ODU's first building, Old Dominion University officials yesterday announced plans for a second building in the unique park that brings together university intellectual capital, faculty and students with private-sector companies to pursue research, technology development and business-creation opportunities.
"Old Dominion University is truly excited to join our partners Wexford Science + Technology in capitalizing on the momentum Innovation Research Park @ ODU has generated," said President Roseann Runte.
Expected to open in late fall 2008, the building will be a 100,000-square-foot, five-story Class "A" office/lab with a structural steel frame and a brick and glass veneer. It is a mirror image of the park's first $22 million building � 4111 Monarch Way � and will be situated adjacent to that building on the corner of 43rd Street and Monarch Way.
Wexford Science + Technology, a national real estate investment and development firm based in Baltimore, is the developer/owner. It is designed by UJMN Architects + Designers of Philadelphia and Whiting-Turner Contracting Company, headquartered in Baltimore, will construct the building. GVA Advantis is the exclusive leasing agent and property manager.
Unlike 4111 Monarch Way, which is 60 percent occupied by ODU enterprise centers and offices, the second building will be primarily occupied by outside business tenants and only 20 percent by Old Dominion research space.
One of only a few parks in the country located on the campus of its sponsoring higher education institution, Innovation Research Park @ ODU offers access to Old Dominion faculty and students, plus a full complement of business, cultural and social amenities nearby.
Located in the 75-acre, mixed-use University Village, the research park has reserved sites for four buildings, the first two on Monarch Way between 41st and 43rd streets, one just south of 41st Street and a signature facility on Hampton Boulevard. The University Village includes restaurants, shops and student residences. A 42,000-square-foot bookstore, Springhill Suites by Marriott hotel and the new University Gallery, featuring an impressive 300-piece folk art collection, will open later in the year.
Currently, 4111 Monarch Way is 77 percent occupied. EVMS Health Services, a not-for-profit physician group that supports the mission and goals of the Eastern Virginia Medical School, occupies the fifth floor with administrative offices.
Old Dominion offices and centers located in the building include the Office of Research, Research Foundation, Lean Manufacturer Institute, Mid-Atlantic Regional Spaceport, Computational Intelligence and Machine Vision Laboratory, Center for Coastal Physical Oceanography, Center for Advanced Ship Repair and Maintenance, National Center for System of Systems Engineering, Virginia Applied Technology and Professional Development Center, CHROME and Office of Spatial and Cartographic Information.
Wexford Science + Technology, (www.wexfordequities.com) is a privately held real estate investment and development company that focuses on serving the real estate needs of science and technology based organizations. Headquartered in Baltimore, Wexford Science + Technology has projects in the contiguous United States and Hawaii, including partnerships with the University of Maryland, Baltimore, The Science Center (Philadelphia), Illinois Institute of Technology and Pennsylvania State University Hershey Medical Center.