University of Iowa officials broke ground Monday morning for a new building at the Oakdale Research Campus. Spokesman George McCrory says it’ll have two functions, as a research lab and business incubator. It’ll support "spin-out" companies from the University’s laboratories and serve as a place to attract startup companies that have an association with the University. In the other wing of the building will be the headquarters of the International Genecular Institute. McCrory says the UI’s strengths are credited with attracting the company. The building will be 90-thousand square feet in size and from design to construction is expected to cost 20-Million dollars.
Funding is coming from the National Genecular (juh-NECK’-yuh-lar) Institute as well as the state and the city of Coralville. On the life-sciences incubator side, tenants will pay rent that helps with the cost and there’s some economic-development funding from the state and the Grow Iowa Values fund. The corporate sponsor is a business that makes skin-care products and topical pharmaceuticals.
The incubator side of the building will help create and support companies that arise from the University’s research activities. McCrory says there will be space for them in the building as well as support programs to help them through their early years. Company officials and University of Iowa officials were on hand for this morning’s groundbreaking at the UI Oakdale Research campus in Coralville.