Facts and Figures

Space

  • Five life sciences buildings totaling approximately 500,000 square feet of flexible, adaptable lab space designed to meet the needs of research organizations (rent $20-$30 per sq. ft. versus $45-$75 in Boston/Cambridge) (1)
  • Buildings designed to provide cutting-edge IT infrastructure (hard-wired as well as high-speed wireless access), complete redundancy of power sources

Support Infrastructure

  • A smooth, expedited permitting process (90 days average in Worcester compared to 3 years in Boston/Cambridge) (2)
  • City of Worcester regulations support biomedical and technical research. Smart buildings are designed to meet environmental and waste disposal needs
  • Worcester is an Economic Development Incentive Program “Economic Target Area (ETA)” – State tax incentives, 5% investment tax credit for equipment, municipal tax incentives
  • The Massachusetts Opportunity Relocation and Expansion (MORE) Jobs Program - Commonwealth of Massachusetts Office of Business Development Incentive
  • Clinical trial/FDA support through professionals at UMass Medical and other area hospitals
  • Services: facilities design, workforce education, clean room maintenance, hazardous waste removal, gowning and garb services, instrument testing, glass wash, legal, accounting

People

  • Home to a highly-educated workforce of professionals in science, technology, and management with 25% lower salary expectations than Boston/Cambridge (3)
  • World-class faculty researchers with valuable intellectual property
    • Craig C. Mello – Winner of the 2006 Nobel Prize in Physiology or Medicine conducts his award- winning research in Worcester
  • Rich pool of highly educated research assistants and lab technicians to help accelerate ideas and innovations
  • Continuum of training in Worcester: WPI partnership with K-12 programs, Massachusetts Academy of Mathematics and Science at WPI, new Worcester Technical High School (entire Academy focused on life sciences), vibrant community colleges, world-class colleges and universities
  • Affordable, superior quality of life; lower housing costs

Location

  • Commute west in morning; east in afternoon. 15 minutes from Rt. 495
  • Intersection of I-290, I-190 (Bristol-Myers Squibb). Route 9 – UMass Medical three (3) miles away.
  • Highly accessible airports:
    • Worcester Airport – General/corporate aviation
    • TF Green International (Providence) – 40 minutes away
    • Bradley International (Hartford/Springfield) – 60 minutes away
    • Logan International (Boston) – 60 minutes away
    • Manchester Regional (Manchester) – 80 minutes away
  • Rail station completely refurbished and restored – service to/from Boston increased (10 trains daily)

Access to Capital

  • New Worcester-based angel investor fund, Boynton Angels; Close relationships with venture capitalists who understand the power and potential of life sciences research and engineering technology
  • WPI Venture Forum; WPI/UMass contacts; MBI partnership
  • MassDevelopment’s Emerging Technology Fund
    • $35 million fund provides loans up to $2.5 million and guarantees of up to $1 million to finance investment in real estate and equipment.

New Parking Garage

 

New Parking Garage – Completed June 2007

  •  Financing
    • $4 million – Worcester Polytechnic Institute
    • $4 million – Worcester Business Development Corporation
    • $2.5 million - Economic Development Administration Grant
    • $2 million – Public Works Economic Development Grant (for surface parking)

  

Footnotes

(1) Cushman & Wakefield, Meredith & Grew
(2) WBDC/City of Worcester Statistics
(3) Remedy Intelligent Staffing, Inc. – Life Sciences Group