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Banking on Biotech
W. Haven hopes Sursum Corda can be a Science Park West
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Business New Haven
1/25/1999
By: Sheila A. LaSella
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The City of West Haven, together with the Regional Growth Partnership (RGP), are in the initial planning stages for a biotechnology park in the suburban setting of the 70-acre Sursum Corda site.
The property is currently owned by a Texas firm called the Archon Group and managed a Stamford marketing company, Fallon, Hines & O'Connor. The Regional Water Authority (RWA) maintains deed restrictions regarding use of the land and environmental restraints.
West Haven and the RGP are yet to approach the owners with an offer to purchase and are aware of other investors negotiating for the property, according to Bob Santy, president of RGP. Santy hopes that the investors will join their group rather than competing for the parcel.
As far as lifting the restrictions on the site, RGP is currently in discussions with the water authority regarding use of the site. Says RWA President John Crawford, “We would be supportive of economic development of the parcel and think that a biotech usage would be terrific.” The environmental restrictions will remain, however.
A biotech use of the land needs approval before a proposal will be brought to the Archon Group. Doug Cutler, executive assistant to the West Haven Mayor H. Richard Borer, says that it will be “six to eight months” before plans can be brought to that stage.
After control of the property is gained, the process of finding a developer interested in working with biotech companies will begin.
As far as financing the project, Santy says, “It will probably be a joint venture to purchase the property and a combination of public and private capital to develop it.”
Initial discussions have taken place with Connecticut Innovations Inc. (CII), the state's technology development arm, which could assist in financing the development of the facility, according to Santy. Also, the Department of Economic & Community Development may help with development planning dollars.
RGP is talking to private investors, but would not disclose names at this early stage.
There are five development sites on the property with two to three adjoining parcels available for further development. Planners envision starting with a core tenant to stabilize the project and then venturing out to regional companies which may have outgrown their current facilities. Recruitment of biotech firms outside of the region is also in the plans.
Within the broad biotechnology industry, biomedical and biopharmaceutical companies are being targeted as potential tenants for the site. The suburban location and proximity to Yale are primary attractions that RGP and West Haven hope will bring firms to Sursum Corda.
Explains Santy: “More mature firms are looking for a campus setting outside the central city, and startup companies for a location close to researchers at Yale. That's the market we're trying to address with this particular development.”
What's a realistic time frame? Says Crawford, who is also chairman of the RGP, “I would certainly hope that something could be out there within two years.”
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