McMaster announces expansion and development of Life Sciences Innovation Megahub
McMaster Innovation Park (MIP) is expanding its Hamilton campus, which will encompass 2.5 million square feet of purpose-built facilities dedicated to innovation, commercialization, and entrepreneurship.
The expansion plans include the recently announced acquisition and redevelopment of an office and production complex on Frid Street, as well as development of additional assets within MIP’s 58-acre innovation park at 175 Longwood Rd. S. in Hamilton. MIP retained architecture firm mcCallumSather to lead the Master Planning process.
“MIP helps growing innovation-focused companies with everything they need to get to the next level. Our plans are consistent with MIP’s aspiration to create the best research park in the world,” said Ty Shattuck, CEO of McMaster Innovation Park.
In regard to the scale of the expansion plan, Shattuck says, “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. 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.”
According to the CEO, 5000 people will eventually work at MIP at full build-out. The building is ideally situated to support companies in life sciences & biotech, advanced materials & manufacturing, and information & communications technology.
Within this plan, MIP is establishing a Life Sciences Innovation Megahub. “Today, entrepreneurs, leading global companies and investors in the life sciences see the GTA-Buffalo nexus as a global-calibre life sciences hub and MIP is at the epicentre. The larger context for MIP’s Life Sciences Megahub is the convergence of this capital markets focus, and the concentration of leading life sciences research in the MIP region. This region has established itself as a prolific global leader in life sciences innovation. MIP plays an important and growing part in that success,” said Mr. Shattuck.
Karen Mossman, Chair of MIP’s Board of Directors and Acting Vice President of Research at McMaster University says MIP’s team is realizing the true social and economic value of their 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.”