"The rise of innovation districts in major U.S. cities is driven by a set of traits that allow biotech firms to flourish. These traits include: physical compactness; transit accessibility; technical wiring; and mixed-use housing, office and retail," said Joe Simone.
According to the Brookings Institution's Metropolitan Policy Program, a growing number of life-sciences companies and start-ups are choosing to congregate in compact, amenity-rich locations in the cores of central cities.
"In New York City, we see the emergence of these innovation corridors in Long Island City and West Harlem, both neighborhoods that are close to mass transit, hospitals and higher education institutions that are graduating students with STEM degrees," said Joseph Simone. "We are beginning to see the emergence of a similar innovation corridor in the Bronx's Morris Park neighborhood, where New York City has invested $13 million with Montefiore Medical Center and its medical school, the Albert Einstein College of Medicine to launch the Einstein-Montefiore Biotechnology Accelerated Research Center."
The Bronx's Morris Park neighborhood is already undergoing the needed transformation that will foster an innovation corridor. New housing has been built near the College of Medicine and New York City's 911 call center next to Simone's Hutchinson Metro Center brought the necessary high-speed wiring.
Now, Simone Development Companies is in the process of expanding its Hutchinson Metro Center campus to include wet laboratories for medical research. This new life-science-focused expansion will sit next to a new Metro-North train station that will soon provide commuters direct access to Grand Central Terminal and New York City's other innovation corridors.
"Morris Park will become the next bench-to-bedside innovation hub," said Joseph Simone. "Life science companies will settle in this area because of affordable wet labs, a diversity of housing options, and critical transit to Wall Street and other finance centers."
ABOUT SIMONE DEVELOPMENT COMPANIES
Simone Development Companies is a fully integrated private real estate investment and development company that acquires and develops healthcare, mixed-use, commercial, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over seven million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its creatively oriented management team, long-term asset ownership and its pursuit of visionary development.
dean Bender, Thompson & Bender, 9147621900, [email protected]
SOURCE Joseph Simone