SOUTH KINGSTOWN – The University of Rhode Island hired a commercial real estate services consulting firm on Tuesday, picking up a previously discussed idea to develop a research and technology park in the northern part of institution’s campus.
The idea was discussed several years ago but was postponed due to the economic downturn, the university said.
URI has hired Rockville, Md.-based Scheer Partners, a commercial real estate services firm that specializes in the life science industry, to vet the viability of developing a park that would house science, engineering and technology firms.
Scheer Partners is conducting financial analysis and market research, and is compiling a list of companies to target for the park. It will also work to help secure funding from state and local sources.
Initial plans outline a 50,000-square-foot building, encompassing between 200,000 and 300,000 square feet of space.
Ideal tenants would be companies that need 2,500 to 20,000 feet of space, startup companies formed through the technology transfer efforts of URI, and educational and government institutions looking to partner with the university, it said.
The state has provided URI with nearly $200 million in funding to create a health sciences “district” in the north part of the campus, including the Center for Biological and Life Sciences and a modern, state-of-the-art facility for the College of Pharmacy. Also, Rhode Islanders approved in November a bond authorization request for a new Center for Chemical and Forensic Sciences for the same area.
