(The Center Square) – State and local leaders broke ground Thursday on a $665 million New Jersey Innovation and Technology Hub in downtown New Brunswick.
The 550,000-square-foot development is touted as a center of innovation, research and medical education.
When completed, it will house the new Rutgers Translational Research facility, the Rutgers Robert Wood Johnson Medical School, core partner spaces and the Innovation Hub. The Innovation Hub is designed to foster collaboration among entrepreneurs, researchers and startups.
“The project will be funded by taxable and tax-exempt bonds backed by leases of our partners and the revenue of the innovation centers members,” Chris Paladino, president of the New Brunswick Development Corporation (Devco), told The Center Square.
“It is anticipated that Rutgers will fund through their bonding process the translational research center and the medical school,” Paladino added. “We will be applying for available state incentives and incentives available from the [U.S. Economic Development Administration] and apply them to the appropriate components of the project.”
The project expanded from its original concept to include the Rutgers Translational Research facility and the new academic medical school building for the Rutgers Robert Wood Johnson Medical School. Both facilities are part of the Rutgers Biomedical and Health Sciences (RBHS), created by the merger of the University of Medicine and Dentistry of New Jersey (UMDNJ) into Rutgers University.
“The project announced today has the potential to be the most meaningful and profound investment this state has ever made in the translational research that will take innovation and discovery from the bench to the bedside,” Rutgers President Jonathan Holloway said in an announcement. “This investment will fuel the kind of innovation that unleashes the combined power of one of America’s greatest public research universities with industry and other academic partners to disrupt and to transform the state and regional economies.”