UK celebrates opening of new Coldstream research facility ‘The CoRE’
Representatives from the University of Kentucky, the Woodbury Corporation and state and local officials celebrated the official opening of The CoRE — Collaboration. Research. Entrepreneurship facility at UK’s Coldstream Research Campus.
The $15 million development offers early stage, high-tech companies office and laboratory space in an environment where they can further develop and commercialize their products and services.
“We believe that partnership with the city and the business community is one of the most effective ways to meet the demands of a 21st century landscape,” said UK President Eli Capilouto. “This research campus — including the new CoRE building — do so much to accelerate the growth and trajectory of this city. By creating well-paying jobs and new products that improve livelihoods within this state and beyond, the University of Kentucky is working to create a healthier, wealthier and wiser Kentucky.”
“The CoRE” is designed to be the first stop for companies looking to locate on the research campus. The project added much needed wet lab space in Central Kentucky, as well as working space near the interstates for companies and individuals that need to travel quickly to regional facilities.
Kentucky Technology Inc. (KTI), a subsidiary of the UK Research Foundation, is master leasing 20,000 square feet of the building’s estimated 40,000 square feet. KTI plans to sublease its space to appropriate high-tech companies. The facility will bring in not only startup companies being incubated at UK, but other companies moving into the Commonwealth.
“The new CoRE building will serve as a first stop for Coldstream prospects inquiring about available facilities. With multiple tenants from diverse industries, the natural collisions made here will lead to new collaborations between private business and the university,“ said George Ward, president of KTI and executive director of the Coldstream Research Campus. “This is a catalyst project that will encourage further development and job creation at the research campus.”
The CoRE was made possible through a public-private partnership with the Woodbury Corporation, the company developing the facility.
“Woodbury Corporation is committed to our relationship with the University of Kentucky on the Coldstream Research Campus,” said Jeff Woodbury, senior vice president of development and acquisitions at Woodbury Corporation. “We have had a long history of building research buildings at universities around the country. Our experience with the team at the University of Kentucky has been fantastic. We are thankful to the firm of Clark Enersen for the design and Whiting Turner for their professionalism and expertise in the construction process. We are proud of the building and look forward to building another building on the Coldstream campus. During the construction process everyone involved worked well together.”
The UK Board of Trustees approved construction of the facility and the partnership in 2020. The project was also supported and expedited through partnerships with state, city and local officials. A product development initiative (PDI) grant created by the state and the Kentucky Association for Economic Development and supported by Commerce Lexington enabled the Coldstream Research Campus to receive a $500,000 matching grant to develop lab space in the new building.
“The completion of the new Coldstream research lab marks an important step toward establishing Kentucky as the premier destination for high-tech businesses,” said Kentucky Gov. Andy Beshear. “This project will strengthen our economy and promote technological innovation in the Commonwealth by providing a place for companies to develop their products and services in Lexington. I want to thank the University of Kentucky for being an important partner in building a brighter future in our state.”
Through a change in Coldstream’s zoning definition and providing tax incentives, the city of Lexington has been an instrumental partner in the progress of the facility as well.
“The CoRE is a big step forward in the growth of our tech sector,” Mayor Linda Gorton said. “UK is creating an area to live, work and play in an innovative environment at Coldstream. We greatly appreciate the many ways UK contributes to the growth of our economy."
Two regional offices, as well as Lexington’s World Trade Center and U.S. Department of Commerce’s offices, are already occupying the building.
Others entities occupying the building are Coldstream and KTI administrative offices, the Equine Chemistry Analytical Laboratory, and two regional offices, Whiting-Turner and McNair Living.
For leasing information, contact the Coldstream/KTI office at 859-231-8324 or the Woodbury Corporation at 402-405-1823.