Peoria NEXT Innovation Center Construction Begins with Community Groundbreaking Ceremony
Posted on February 3rd, 2006
Federal, state, and local collaboration enables signature project to move forward, fueling economic growth across region
Peoria, IL – February 3, 2006 – Construction began today on the $12 million Peoria NEXT Innovation Center with a community groundbreaking ceremony held on the 800 block of West Main Street, in the heart of Renaissance Park (formerly known as the Med-Tech District).
“As our signature initiative enters its next phase in development, we move one step closer to diversifying our regional economy and providing an environment that will support entrepreneurship and innovation,” says Dr. Peter Johnsen, Board Chair of Peoria NEXT. “The Innovation Center will directly facilitate the commercialization of new technologies for economic development throughout the region.”
“The Innovation Center is part of an overall strategy to facilitate the development of an emerging sector of the Central Illinois economy. With over $1 billion of research being conducted in the region each year, this project makes sense for the future of our community,” says Jim McConoughey, President/CEO, The Heartland Partnership. “Essentially, this facility is the physical representation of our emerging knowledge/innovation economy, and will serve as a catalyst for other development activities not only in Renaissance Park, but throughout the region,” says McConoughey. “As the companies that locate within this facility mature and graduate, we can expect to see up to 1,200 jobs created over the next 8 years.”
The National Business Incubation Association estimates that the survival rate of start-up technology companies averages about 35 percent. However, when technology start-up companies are located within business incubators such as the Peoria NEXT Innovation Center, their success rate is nearly 90 percent.
A number of legislative/elected officials participated in the event, including Congressman Ray LaHood, 18th District; Senator George Shadid, 46th District Senate Office; Jack Lavin, Director, Illinois Department of Commerce and Economic Opportunity; Mayor Jim Ardis, City of Peoria; and Barbara Van Auken, Councilwoman, City of Peoria.
A handful of civic leadership and Peoria NEXT representatives were given the opportunity to make comments at the groundbreaking including: David Broski, President of Bradley University; Gerry Shaheen, Group President for Caterpillar Inc.; Dr. Peter Johnsen, Director, National Center for Agricultural Utilization Research, and Jim McConoughey, President/CEO, The Heartland Partnership.
Congressman LaHood has played an ongoing leadership role in securing federal appropriations for the Innovation Center project, having secured $500,000 from the U.S. Department of Housing and Urban Development, $1 million from the Small Business Administration, and $2 million from the U.S. Economic Development Administration.
Senator George Shadid was instrumental in partnering with Governor Rod Blagojevich through the Illinois Department of Commerce and Economic Opportunity to secure $4.5 million for the project. In addition, local participation has been committed to by Caterpillar Inc., Bradley University, and Methodist Medical Center. The Heartland Partnership and the Economic Development Council for Central Illinois have been instrumental in the facilitation of the development thus far.
Earlier this week, Otto Baum Company, Inc. was selected to conduct Phase One construction of the Innovation Center. Phase One construction will consist of basement and foundation concrete and earthwork for the approximately 50,000-square-foot facility.
Phase One construction begins immediately and a ribbon cutting ceremony is scheduled for Spring 2007.
About the Peoria NEXT Innovation Center:
The Innovation Center is designed to provide a place for entrepreneurs and technologists to commercialize innovative ideas into successful free standing businesses, and could also eventually house various facilitation groups providing valuable services for start-up companies. The Innovation Center will leverage the strengths of Caterpillar Inc., the USDA Agricultural Research Center, Bradley University, and other health-science and technology organizations throughout the region to mature start-up companies to commercial successes. The facility will be owned and operated by Peoria NEXT, in cooperation with the Heartland Commerce and Economic Development Foundation, Caterpillar Inc., and Bradley University.
Peoria NEXT Mission and Vision:
Through collaboration and creativity, Peoria NEXT will facilitate Discovery, Innovation and Commercialization of new technologies for economic development. By 2015 our regional economy will be more diversified and be a desired location for new technology-based businesses.
