University ECONOMIC IMPACT
USF in Water Street Tampa creating ripple effect EMAILS ARE COMING IN ABOUT BIOTECH start-ups, applications are pouring in from high-caliber students, powerhouse researchers are inquiring about opportunities, research funding has gone up, property values are on the upswing, and condos and apartments are rising across the urban core. These are tangible upticks attesting that something big is happening in Tampa – even while that something is still under construction. The USF Health Morsani College of Medicine and Heart Institute is building a new facility in the heart of burgeoning downtown Tampa and will be a primary anchor in the $3 billion real estate development – Water Street Tampa – by Strategic Property Partners, the joint venture between Jeff Vinik and Cascade Investment, LLC. When the project kicked off several years ago, talk was hot about the potential a medical school and cardiovascular research institute in the urban core would have on the entire region. Biotechnology, pharmaceutical, biomedical engineering, translational research, biomanufacturing – these are among the forward-thinking buzzwords that painted the vision. But today, talk has shifted from potential to more tangible, offering stronger hints of the true ripple effect expected. University and community leaders shared their insights on some early indicators of success, giving us all a glimpse of the economic impact ahead.
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They’re saying ... Craig J. Richard, president and CEO of Tampa Hillsborough Economic Development Corporation: “I’m happy to say that, with the announcement that USF is building a medical school in downtown, it has certainly helped us in promoting Tampa’s entrepreneurial ecosystem. When I arrived on the scene a couple of years ago, there was already some buzz. Now the buzz has accelerated. It makes it easier for us as an organization and for our employers to attract top talent. Spin offs that could result from entrepreneurial collaborations at the medical school would have a beneficial effect on our life sciences, health care and technology industries.”
14 UNIVERSITY of SOUTH FLORIDA
1:31 USF’s Downtown Expansion in Water Street Tampa
PHOTO USF in Water Street Tampa, taken in May 2018. Located at the corner of Meridian Avenue and Channelside Drive, the downtown facility is expected to open in late 2019.
Judy Genshaft, USF System president: “We are creating a world-class learning, research and training environment. We already know how much this exciting future appeals to the best and the brightest. Since this project was first announced in 2014, applications to our College of Medicine are up by 60 percent. And our incoming students have achieved the highest MCAT scores of all Florida universities. And our Heart Institute is attracting world-class experts. In addition to the outstanding research that will take place there, the Heart Institute is going to have a major economic impact – we expect it to drive between $66 and $73 million in local economic activity annually.”
