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Home My WebLink About12/17/2015 DMCC Board Meeting - Discovery Square UpdateDiscovery Square Update Discovery Square Update Discovery Square Overview Discovery Square Update •Traci Downs •Conley Maass Building •Xavier Frigola •Mayo Clinic Business Accelerator •Clark Otley, M.D. Mayo Clinic Ventures •Mayo Clinic’s Discovery Square Feasibility and Project Plan Madison Site Visit DMC Priorities Priority #1: Create a Catalyst – Heart of the City Priority #2: Drive Investment in Bio-Medical- Technology Sector –Discovery Square Priority #3: Transportation SPORTS, RECREATION & NATURE LEARNING ENVIRONMENTHEALTH & WELLNESS HOSPITALITY & CONVENTION ARTS, CULTURE & ENTERTAINMENT COMMERCIAL, RESEARCH & TECHNOLOGY LIVEABLE CITY TRANSPORTATION Eight Areas of Focus Discovery Square Guggenheim Stabile Building DMC Development Plan COMMERCIAL RESEARCH &TECHNOLOGY SPACE •Mixed-use research park would offer the best format to developbio-med-tech in the DMC •Approximately 650,000 –1,000,000 sq.ft.of scaled developmentoverthe20-year development horizon •Research clusters should present a collaborative physical andprogramstructuremixed-use environments encourage innovationandbetterattracthigh-skilled and entrepreneurial technologyprofessionals COMMERCIAL OFFICE SPACE •225,000 sq.ft.of office demand in downtown Rochester by 2034 Traci Downs Conley Maass Project Who are we and why do we care so passionately for Rochester and the DMC? Today Tomorrow: The Beginning Community Benefits •Public Private Partnership •Both Preservation and Development •Fostering Entrepreneurship •Building off passions and progress Developing a new sense of place as DMC and Discovery Square takes root Xavier Frigola Accelerator Startups Growth as a Feeder to Discovery Square Xavier Frigola Coordinator to the Mayo Clinic Business Accelerator Business Incubator •Develop a business concept •New small business •Low rent space •Services: mentorship and networking •Path to funding Business Accelerator •Execute/grow a business concept •Small business •Acceptance criteria •3-month program •Mentors •Funding in exchange of equity •Path to complementary funding •Forced to “graduate” Mayo Clinic Business Accelerator •3-way partnership: •City of Rochester, Mayo Clinic, Rochester Area Economic Development •Inaugurated 2013. Expanded 2015 •Medical focus •Entrepreneurial Ecosystem Mayo Clinic Business Accelerator: Hybrid Model •3,000+ sq ft office space –Desks, 2-3 people offices, 4-6 people offices •Networking Events •Host 2 -week programs (Techstars++) •Funding: –$5M Economic Development Fund –Connections with other funding sources Mayo Clinic Business Accelerator: 20 companies Companies in the Accelerator 0 5 10 15 20 25 2013 2014 2015 Outgrew Space 0 2 1 Failed 0 3 1 3 Graduates Mayo Clinic Business Accelerator: Ecosystem Mayo Clinic Business Accelerator: Statistics Year #Companies Funds Raised Jobs Created 2014 12 $ 4.0 million 29 2015 20 $3.6 million 49 17 Entrepreneurial Events Founder: Pervasive Health Lunch & Learn VC Event Founder: Apogen Biotech Entrepreneur Award Entrepreneur Award VC Event Space Open to the Community Final Remarks •Helping entrepreneurs turn ideas into products •Result in net job creation, $ invested •Slow, organic process Clark Otley, M.D. Mayo Clinic Feasibility & Project Plan VISIONING (JUNE) Mayo Clinic Discovery Square Vision Statement DMC Discovery Square… Will become the world’s premier destination where practitioners, educators, researchers and businesses come together to collaborate and partner with Mayo Clinic, creating new opportunities to accelerate the advancement of patient care. It will catalyze development and stimulate state, national and international interest and investment to transform Rochester and strengthen Mayo’s status as a world-class destination for health & wellness. SUMMARY OF KEY GOALS /OBJECTIVES FOCUSED ON DESTINATION/PLACE-MAKING Capitalize on the broader DMC Development Plan framework to tie Discovery Square to other DMC Subdistricts (particularly the Heart of the City),transforming Rochester and establishing Discovery Square as the world’s premier address for bioscience innovations and advancements,with Mayo Clinic at its core. GROUNDED IN A FINANCIALLY-VIABLE PLAN,WITH SIGNIFICANT FISCAL/ECONOMIC IMPACTS Create a financially feasible plan that will maximize fiscal and economic impacts for the city,region and state by catalyzing development and attracting additional private investment. BUILT ON HEALTH CARE INDUSTRY TRENDS Capitalize on current health care industry market trends to create an urban innovation center that will accelerate collaboration,discovery and advancement of patient care. CONSCIOUS OF LIFESTYLE Create a dynamic live /work environment that will promote health and wellness. TIED TO THE MAYO MISSION Integrate Mayo Clinic's world-class medical campus with commercial businesses and other bioscience partners that synergize with Mayo's mission and integrated care model. VISIONING (JUNE) RESEARCH (JUNE/JULY) Bioscience Research Determining potential demand for Discovery Square –the economicdriveroftheDMC–has involved: TIER 1 RESEARCH –Mayo Clinic’s core competencies and priorityscientificactivities;Mayo’s industry alliances,relationships andpotentialpartners/tenants for Discovery Square TIER 2 RESEARCH –National profiles of bioscience campuses anddetailedanalysisofmarketswithcharacteristicscomparabletoRochester,MN,and Mayo Clinic MARKET COMPARABLES Site visits to targets located in: Ann Arbor, MI UM & Med School Baltimore, MD Johns Hopkins U, Med School & Hospital, UM & Med School Charlottesville, VA UV & Med School Cleveland, OH Cleveland Clinic, Case Western Reserve Med School Durham-Chapel Hill, NC UNC & Med School, Duke U, Med School & Hospital Gainesville, FL UF & Med School Madison, WI UW & Med School New Haven, CT UNH, Yale & Med School Pittsburgh, PA UP & Med School, Med Center, Carnegie Mellon U CASE STUDIES Ashburn, VA Janelia Research Campus, Howard Hughes Medical Institute Boulder, CO Small market example with vibrant venture capital & entrepreneurial culture Huntsville, AL Industry Research Parks ( Redstone Arsenal, Cummings Research Park, and NASA) La Jolla, CA Salk Institute for Biological Studies San Francisco, CA Bay Area Bioscience Center Minneapolis, MN Medical Device Hub Cambridge, MA Kendall Square DISCOVERY SQUARE KEY TAKE AWAYS Growth Will Be Slow and “Organic” Trend Toward Urbanization & Mixed-Use Developments Corporate Relocations are Rare Primary Tenants (Startups & Early-Stage Bio/Med/Tech Companies) Require Lowest Possible Costs of Occupancy Significant Transportation, Transit and Other Public Utility Requirements Will Be Necessary, Consistent With DMC Development Plan Small Markets Create Additional Challenges Due to the Lack of Depth in the Market TIER 2 RESEARCH CONCLUSIONS Discovery Square Project Plan Provides the basis for: •A Catalytic Vision to Transform Rochester •A Market Supportable Bio/Med/Tech Development Based on Demand Analysis •Significant Private Investment in Phase 1 of the DMC Plan •A New Scale of Urban Density •Unique Civic Spaces That Set the Character for the Development District •Fiscal Gain … Meets the Promise to the State •Building a World-Class Destination and “America’s City for Health” Madison Site Visit Dec 10-11, 2015 •Why Madison? •Strong, diverse bioscience cluster, anchored by the University of Wisconsin- Madison •Who attended? •DMCC board members, EDA board members, Mayo Clinic leaders, City of Rochester administration and elected official, Chamber of Commerce, EDA staff and community members •What did we do? •Speakers and tours •Best practices Who did we learn from? •Michael Knetter –President & CEO, University of Wisconsin Foundation •Aaron Olver –Managing Director, University Research Park •Carl Gulbrandson –Managing Director, Wisconsin Alumni Research Foundation (WARF) •George Austin –Building Project Manager, Wisconsin Institute for Discovery •Pete Heaslett –Project Manager, UW- Madison Facilities Planning & Construction •Laura Heisler –Programming Director, WARF Questions