In an effort to expand its research presence in Phoenix, Arizona State has developed a partnership that will lead to a $77 million downtown innovation center.
This project involves one of 10 different partnerships that have been recently created by Ventas, Inc., a real estate investment trust that specializes in the health care industry.
“We are pleased to welcome another respected institution, Arizona State University, to our roster of university partners,” John Cobb, executive vice president for Ventas, said in a statement.
The facility will be part of the Phoenix Biomedical Campus near Fourth and Fillmore streets.
The lab building is expected to open by late 2020, with the groundbreaking scheduled to take place before the end of March.
Another partner, Wexford Science and Technology, will manage the 200,000-square-foot building.
A year ago, then-Mayor Greg Stanton said of the project in his final State of the City address, “When it comes to mixed-use communities centered around discovery, Wexford sets the bar.”
Other Wexford partners include Yale University, Brown University, Penn State and Duke University, among others, on similar “knowledge communities.”
The biomedical campus features space for each of Arizona’s three public universities.