Master Plan for Phoenix Biomedical Corridor to Be Released Soon says Construction Reporter
Industry: Real Estate
Planning begun in 2012 for a multi-billion dollar biomedical corridor in Phoenix, Arizona is expected to build out within 15 years, on 1,000 acres.
Phoenix, Arizona (PRUnderground) December 16th, 2014
A multi-billion dollar biomedical corridor stretching from 64th street to Loop 101 and the Arizona Canal is currently being planned for Phoenix, Arizona, in a joint venture between the City of Phoenix, Arizona State University and the Mayo Clinic, boosting Arizona’s construction industry.
Planning began in 2012. Full build out is within about 15 years and the master plan should be announced soon, according to Robin Sahid, economic development manager at the City of Phoenix’s community and economic development department.
Location of housing for this 1,000 acre development is still up in the air.
According to dean for research at the Mayo Clinic Dr. Keith Stewart, the corridor will encompass “incubator space for start-up companies, the pharmaceutical industry, the medical devices industry, and teaching and education with Arizona State University’s allied health schools.
Sahid believes that once the project is fully underway, and buildings are built and tenants have moved in, Phoenix will become a “world-renown destination for medical care.”
New York-based KUD International, Inc. announced its intention to acquire the first 225 acres within the planned corridor for development in the summer of 2013. Last September Arizona’s State Selection Board completed its agreement to re-design the 24-acre trust land acres as university land.
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