Memphis, Tenn., Nov. 6, 2005 – The implosion of Baptist Memorial Health Care’s former Medical Center main tower this morning marked a significant step forward in the creation of a bioscience research center in the heart of the Memphis medical district.
The 21-story building, which housed what was once the largest private hospital in the nation, was a symbol of Memphis’ rise as a national leader in health care. In the hospital’s footprint, Memphis is building a new symbol, the UT-Baptist Research Park, which will help make Memphis an international center for developing, teaching and marketing biomedical technology.
In an effort led by the Memphis Bioworks Foundation, new buildings will rise as the UT-Baptist Research Park begins to take shape. The research park, which is at the heart of a citywide bioscience development strategy, will lead to $250 million in annual salaries from 5,000 new jobs, and will have a $2 billion annual economic impact on the Memphis economy.
“My hope is that everyone realizes this event is more than simply tearing down an old building,” said Steve Bares, Ph.D., executive director and president of Memphis Bioworks Foundation. “This is a symbol of the progress Memphis is making toward becoming a world-recognized center for biosciences.”
The research park will ultimately consist of 1.2 million square feet of laboratory, research, education and business development space located on a 10-acre campus.
Clean-up will begin immediately after the implosion, and debris removal is expected to take approximately 11 months to complete. New building construction will begin in the second quarter of 2006. Completion of the research park is estimated to take 10 years, and will occur in six phases. The Foundation is executing a business plan to leverage Memphis’ unique assets to fulfill the nation’s need for an urban biotech research park.
“Memphis already has a strong foundation for bioscience leadership that is built on cancer research, musculoskeletal and orthopedic innovation, medical device development and a history of entrepreneurship,” Bares said. “That, coupled with the city’s international reputation as a logistics leader, gives us a clear advantage in the growing biotechnology industry.”
The demolition effort is led by Chandler Demolition Co. Inc. of Memphis, Tenn. Chandler has partnered with Controlled Demolition Inc. of Phoenix, Md., as the implosion contractor. The team is approaching 100,000 hours worked at the site without any time lost to injuries.
Chandler Demolition opted to demolish these structures by implosion instead of conventional methods to reduce the risk of accident and injury to workers and minimize inconvenience to the general public and surrounding area.
Memphis Bioworks Foundation, a not-for-profit organization, was formed in early 2001 to establish the Memphis region as an internationally recognized center for biomedical technology. The Foundation focuses on building infrastructure, developing the workforce and promoting entrepreneurship.
Baptist Memorial Health Care's donation of its property in the Medical Center to the Foundation for the site of its research park is a gift conservatively valued at $40 million. The research park, which will include an incubation program to develop new businesses in biotechnology, will be the centerpiece of a larger biomedical research and development center that extends from St. Jude Children’s Research Hospital on the west to Methodist LeBonheur Healthcare on the east.
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