Cortex, a St. Louis-based hub of bioscience and technology R&D and commercialization, has unveiled phase two of its 25-year master plan, which will bring 1,400 new jobs and 384,000 square feet of additional lab and office space to the district.
"Ten years ago we had a vision to transform an aging 200-acre industrial area into a vibrant, technology district," said John Dubinsky, chairman of Cortex. "Cortex has since become an unquestioned success, positioning St. Louis as an emerging, national center of bioscience, technology and innovation."
Cortex was founded in 2002 with a $29 million investment from founding partners Washington University in St. Louis, BJC Healthcare, University of Missouri-St. Louis, Saint Louis University and the Missouri Botanical Garden—academic and research institutions that sought to leverage their resources and research to grow the technology industry throughout the region.
"Phase two will take Cortex to the next level, generating $186 million in new development from our founders and through a partnership with Wexford Science and Technology, a leading national research park developer,” said Dennis Lower, president and CEO of Cortex.
Wexford Science & Technology will invest more than $100 million in Cortex through the purchase of the Cortex I building and pending redevelopment of the historic Heritage warehouse property.
"We create what we call 'Knowledge Communities' that connect businesses, academic institutions and neighborhoods to drive bioscience and technology innovation," said Dan Cramer, executive vice president of Baltimore-based Wexford.
The $155 million already invested in phase one has resulted in approximately 950 technology and building management jobs and 124 housing units. Over the next 18 months, phase two will produce another $186 million of district investment. Phase two will deliver 384,000 square feet of additional lab and office space, bringing the total to over 1 million square feet of facilities on $350 million of investment since its inception.
In December, Wexford plans to purchase the historic Heritage warehouse building from Cortex and undertake a $73 million lab and office renovation, as well as contribute $7.35 million toward public infrastructure. Approximately 400 jobs will be created in the Heritage building.