Peoria NEXT Announces Future Site of Innovation Center
Posted on February 17th, 2004
Technology commercialization incubator will have location on Main Street.
Peoria, IL -- Peoria NEXT is pleased to announce the acquisition of property at 811 W. Main Street in Peoria for the future location of the Peoria NEXT Innovation Center.
The development of the Peoria NEXT Innovation Center represents an essential step towards maximizing the commercialization potential in Central Illinois. The incubator, which will be located within Peoria’s Med-Tech District, will assist in diversifying the regional economy and providing an environment that supports entrepreneurship and innovation.
The $12 million project will encompass approximately 52,000 square-feet on approximately three acres, or 1 city block, fronting West Main Street. The technology commercialization incubator will have over 60% leasable space. Included in the incubator will be individual tenant suites, wet lab space, shared-tenant conference rooms, shared common areas and administrative/support office space.
The Innovation Center is designed to provide a place for entrepreneurs and researchers to commercialize innovative ideas into successful free standing businesses. The incubator could also eventually house various facilitation groups providing valuable services for start-up companies.
The Innovation Center will have a significant economic impact on Central Illinois. The entire city block of 811 W. Main Street will be redeveloped as a result of the incubator project. The incubator will aid in job generation as start-up firms grow and become profitable enterprises in the Peoria region. Once these firms become stable, they can take up permanent residence within the community to become successful businesses.
Incubators play a key role in the technology commercialization initiatives in competitive cities throughout the world. Local civic leaders have toured various incubators throughout the Midwest on benchmarking trips facilitated by Peoria NEXT.
“The development of this incubator is a giant step towards maintaining a competitive position in the Knowledge Economy,” says Heartland Partnership President and CEO, Jim McConoughey. “The incubator better equips us to retain the value of the tremendous investment in research and development that takes place in this region.”
“Support from our legislative representatives has been phenomenal,” says Don Rager. Chairman of the Peoria NEXT Board of Directors. “Congressman Ray LaHood has been instrumental in the acquisition of funds for the development of the incubator and the Med-Tech District.”
Congressman LaHood has secured appropriations of over $500,000 in Federal funds for the project. In addition, a Federal EDA proposal for $2 million has been submitted to support the development.
Governor Rod Blagojevich and Senator George Shadid, Representative Ricca Slone, Senator Dale Risinger, and Representative David Leitch have played a key role through the allocation of $4.5 million in State funds to 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.
Tremendous support on behalf of the City of Peoria has been put forth by Mayor David Ransburg, City Manager Randy Oliver, and Council person Marcella Teplitz. Their facilitation of property acquisition, consistent communication with City Council members, and ongoing support have played a major role in the incubator’s development.
Peoria NEXT is dedicated to leadership in discovery, innovation, and commercialization. The mission of Peoria NEXT is to create a healthier future for our regional community evidenced by increased economic growth and diversity, improved physical well-being, and the resultant social stability and opportunity.
