Plans for a 2.5 million-sq. ft. expansion at McMaster Innovation Park (MIP) in Hamilton, add new spaces to the innovation and research facility that already houses close to 100 commercial, manufacturing and life sciences companies.
The massive expansion will redevelop an office and production complex and build facilities dedicated to commercialization and entrepreneurship and a ‘megahub’ for the life sciences sector—an industry that has positioned the GTA-Buffalo region as a global leader, with MIP said to be at the epicentre.
“From a life sciences standpoint, we are at the threshold of tremendous discoveries which hold the potential to radically transform our understanding of human health, disease and treatment,” Ty Shattuck, CEO of MIP said in a press release.
“This is occurring rapidly and on a global scale. Within that global context MIP is situated in a highly productive region of scientific investigation and exchange, contributing materially to the life sciences nationally and internationally.”
Once the expansion is complete, 5,000 employees are expected to be working at the park, which is also targeting carbon-neutral status. Architecture firm McCallum Sather is leading the master planning process.
In regard to the scale of the expansion plan, Shattuck commented, “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.” He continued, “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 will support companies in life sciences & biotech, advanced materials & manufacturing, and information & communications technology”.
“The acceleration of MIP’s growth reflects the effectiveness of the way we support innovation and scale up, and the tremendous synergies afforded by the proximity of McMaster University and MIP,” he added.
Meridian Credit Union is the financing partner for the MIP development plan. “Meridian is proud to be the financing partner for the McMaster Innovation Park development plan,” said Robert Neufeld, Regional Vice President, Hamilton Business Banking Centre, Meridian. “As local business and community partners, we share McMaster’s vision to grow an innovative ecosystem of significant North American and global stature to support transformational research and businesses that are shaping the future.”
McMaster Innovation Park (MIP) says it is Canada’s premier research park offering a collaborative space for start-ups, entrepreneurs, researchers, and industry partners to connect and bring ideas to life.