Construction Begins for Enterprise Center

FAYETTEVILLE, AR Wednesday, June 3, 2009

ARTP Developers One, LLC has closed all of the financing needed to construct the Enterprise Center, a new 65,000 square foot multi-tenant building to be located in the Arkansas Research and Technology Park (ARTP).

The building will be located across West Research Center Boulevard from the Innovation Center in the ARTP. The Enterprise Center will be available for tenants and park clients that wish to take advantage of research interests and technology common with the University of Arkansas, and to join the emerging community of technology companies at the ARTP. The building is flexible to accommodate the diverse needs of many tenants and is “laboratory enabled,” which will allow sophisticated wet laboratories and electronic laboratories to be located there.  Interior space will be improved based upon the specific needs of each tenant,

“Funding in this economic environment is very difficult,” said Bill Morlok, Manager of ARTP Developers. “Without the broad support of public funding, this building would not be possible.”

Phil Stafford, president of University of Arkansas Technology Development Foundation (UATDF), responsible for overall ARTP management and development, said “In addition to developer’s equity, the project has received overwhelming support from the state, Arkansas Economic Development Commission, the University of Arkansas, the Foundation, a federal SBA grant, and a New Markets Tax Credits allocation.”

The Enterprise Center is expected to open early next year providing critical expansion space for the growing technology companies in the region, many already located in the park.

In a larger sense, ARTP and the Enterprise Center represent a part of the state’s Innovate Arkansas program, and will play an integral part of the Green Valley initiative. Chancellor Dave Gearhart said “Knowledge-based economic development and the engagement of the university in the community are central parts of our mission. We are very pleased this project is moving forward in these difficult economic times. It provides another vehicle for our region’s entrepreneurs and the university to translate invention and technology into jobs for our region and our state. It demonstrates our commitment to making a difference.”

Site clearing has begun, and a “celebration” is scheduled later in the summer.

ARTP Developers One, LLC, takes advantage of the expertise of IDEA Partnerships, a specialized developer that only undertakes projects like research parks—in partnership with universities, and Clayco Realty Group, developer of a wide variety of office, lab, industrial, and business park projects.  Its parent corporation, Clayco, is a nationally prominent construction and design-build firm.

The mission of the University of Arkansas Technology Development Foundation is to stimulate a knowledge-based economy in the state of Arkansas through partnerships that lead to new opportunities for learning and discovery, that build and retain a knowledge-based workforce and that spawn the development of new technologies that enrich the economic base of Arkansas.

The University of Arkansas Technology Development Foundation is a 501(c)(3) organization formed to grow and manage the Arkansas Research and Technology Park. In cooperation with public and private business development entities, the Foundation will bolster University efforts to catalyze a technology-based economy in Arkansas. Specifically, the Foundation will validate, develop and transfer inventions made at the University to Arkansas companies and start-up ventures.