UK breaks ground for a new high-tech facility
FRANKFORT, Ky. (WYMT) - Officials with the University of Kentucky (UK) and its partners broke ground for a high-tech building.
The new building will be located on UK’s Coldstream Research Campus and will provide office and laboratory space for entry-level resource companies.
“When we think about strengthening our economy — particularly following the challenges we’ve faced over the past year — we believe that partnership with the city and the business community is the best way to move forward,” said Eric Monday, UK executive vice president for finance and administration. “This space will create new opportunities for businesses to establish themselves here in Kentucky, create jobs, and contribute to economic growth. We look forward to continuing in our role as the University of, for and with Kentucky.”
The development is expected to cost $15 million. A $500,000 grant from the Product Development Initiative (PDI) will be used to help in the funding of the building.
The building is being completed through a partnership with Woodbury Corp. and is expected to be finished in 2022.
“An important part of securing a brighter future for Kentuckians is our ability to establish Kentucky as a premier destination for high-tech businesses,” Gov. Beshear said. “The addition of The Core at UK’s Coldstream Research Campus is evidence that PDI is one of a number of tools that can help us do just that. This new research lab will be a gateway for innovative startups looking to take that next step in their development. I want to congratulate everyone at UK, as well as their partners, on this significant step forward to ensure the sustained success of businesses in Kentucky.”
40,000 square feet is already planned to be leased out to Kentucky Technology Inc. (KTI).
“KTI’s experience as a master lessor and support from our board provided a strong anchor tenant, which enabled this project to move forward,” said George Ward, president of KTI. “The Core will provide an opportunity for more early-stage high-tech companies to flourish in Lexington as they grow well-paying jobs and create new products that improve people’s lives.”
The building will be known as “The Core - Collaboration. Research. Entrepreneurship.” Lexington Mayor Linda Gorton believes the completion of The Core will help boost the community’s status for innovative companies.
“Coldstream Research Campus is an important key to economic development and growth in Lexington,” said Mayor Gorton. “The partnership we’ve built with the University of Kentucky to develop this area creates a live, work, play, and innovative environment. Lexington will continue its growth as a hub for high-tech development, and The Core is going to be a critical part of our move forward.”
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