McMaster Innovation Park announces major expansion
Incubator facility to reach 2.5 million Sq Ft. at full build out and include Life Sciences Innovation Megahub.
McMaster Innovation Park (MIP) announced it will expand its overall Hamilton research park operations to encompass 2.5 million square feet of purpose-built space dedicated to innovation, commercialization and entrepreneurship.
The plans include the recently announced acquisition and redevelopment of an office and production complex on Frid Street in Hamilton, as well as development of additional assets within MIP’s 58-acre innovation park. According to MIP, 5000 people will eventually work at MIP at full build-out.
“2.5 million square feet is four times larger than the 95-storey Shard tower in London, twice the size of the Chrysler Building in New York City, bigger than Toronto’s Scotia Plaza and on par with First Canadian Place,” said Ty Shattuck, CEO of McMaster Innovation Park.
“MIP is filling the equivalent of a bank tower with proven innovators and entrepreneurs and offering them the best environment, support and eco-system to advance and grow their businesses. The park will even be carbon neutral thanks to energy expertise resident at MIP.”
MIP said that its expansion plan will also include the establishment of the Life Sciences Innovation Megahub, to help incubate life sciences research.
“MIP has proven to be highly effective as a bridge between research and industry,” said Karen Mossman, Chair of MIP’s Board of Directors and Acting Vice President of Research at McMaster University says “We’re realizing the true social and economic value of our research and helping to grow the region’s life sciences cluster. Our researchers are spinning out companies, creating jobs, and attracting investment and industry to the Park.”