Developers CRG and IDEA Partnerships, along with designer-builder Clayco, donated the Enterprise Center building in the Arkansas Research and Technology Park to the University of America Technology Development Foundation , which manages the technology park and its affiliates.
The Enterprise Center’s donation is valued at more than $ 20 million, according to a recent property appraisal. The building was developed by CRG and IDEA Partnerships and opened in 2009; it was leased by master to the University of Alberta as part of a unique public-private partnership that has enabled expansion to support start-ups that go beyond the accelerator facilities of Arkansas Research and Tech Park.
Built by Clayco to facilitate high-level academic research, the two-story building is LEED Silver certified and contains high-end laboratories, offices and manufacturing facilities. It serves as a commercialization hub for new technologies, many of which were developed at the University of Alberta, including new methods of insulin delivery and health monitoring systems and material development. advanced such as silicon carbide for energy efficient high power switches.
“Community stewardship is one of the cultural pillars of our business,” said Bob Clark, Executive Chairman and Founder of Clayco.
This operation, finalized in 2021, benefits ARTP Developers One by allowing the entity to repay all of the existing loans and to benefit from the tax advantages of the charitable donation of the building and the donation of its promoters’ fees. As a result of the transaction, the UATDF consolidates the ownership of the assets within the ARTP and unifies the property management of the rental spaces, allowing the UATDF more flexibility for current and future tenants and businesses. In addition, the agreement will speed up UATDF’s access to cash flow while consolidating and reducing debt service obligations, thereby strengthening the foundation’s financial position.
“The university and the foundation are delighted to have been able to work with Clayco and IDEA Partnerships to structure this donation so that all parties can benefit,” said David E. Snow, president of the U of A Technology. Development Foundation and Acting Vice Chancellor for Economic Development at the U of A. “We are very grateful for the donation of the Enterprise Center building. It will bring continued benefits to our expanding innovation ecosystem here at the Arkansas Research and Technology Park. In addition to thanking Clayco, I would like to thank Jim Smith (of Smith Hurst, PLC) for his efforts and support in this transaction and the rest of the Board of Trustees of the University of Technology Development Foundation. Arkansas, our Chancellor and the Office of the Legal Counsel of the University of Arkansas, and congratulations to my retired predecessor, Phil Stafford, who laid the foundation for our success today many years ago. “
About Clayco: Clayco is a turnkey real estate development, general planning, architectural, engineering and construction company that securely provides customers across North America with the highest quality solutions on time, within within budget and beyond expectations. With 2020 revenues of $ 3.8 billion, Clayco specializes in the “art and science of building”, providing fast and efficient solutions for industrial, commercial, institutional and residential construction projects. For more information, visit www.claycorp.com.
About UATDF: The Arkansas Research and Technology Park (ARTP) was established in 2003 and began operations in 2004. In recent years, the ARTP has shaped a dynamic environment for innovation where academic research is translated into innovative products supporting high skills, – salaried jobs. Today, the ARTP is recognized as a regional innovation hub where companies benefit from collaboration opportunities that provide access to intellectual capital, cutting-edge research resources and a technologically qualified workforce.
At present, the inventory of ARTP facilities totals 285,000 square feet and includes the Engineering Research Center, the High Density Electronics Center, the National Center for Reliable Transmission of Electric Power, the GENESIS Technology Incubator, the Innovation Center and the Business Center. At full capacity, the ARTP is designed to create nearly 750,000 square feet of research and development capacity, housed in multiple buildings providing more than 2,000 highly skilled and well-paying jobs.