A recently released report laying out the economic benefits of a biotechnology research and development center in the county pointed to the university's M-Square Research Park as best of three possible locations for the center.
The report predicted a biotech center in the county could generate up to 1,900 jobs and up $4.4 million in tax revenue. The study also said the establishment of a biotech center in College Park would both aid the university and serve as a "graduation space" for companies that are incubated in and then wish to move away from the university's Technology Advancement Program. The study was released by the Maryland-National Capital Park and Planning Commission, the governing agency of the county planning department, and was written by ANGLE Technology Group.
The biotech center, which is still awaiting financing, would function as an accelerator program where more stable industries that are able to stand on their own can still benefit from certain counseling and research services, said Jacqueline Philson, research supervisor at the Prince George's County Planning Department.
According Prince George's County Economic Development Corporation President Kwasi Holman, the study was created to address the lack of research facilities for growing biotech companies that start at the university.
"Quite often, when companies graduate from M-Square, there's a need for … lab space that's not in abundance in the county. What we're trying to do is address the concern and give them viable options in the county to consider," Holman said.
This is partially because many biotech companies want to situate themselves near institutions such as the National Institutes of Health and the Food and Drug Administration, said Alton Fryer, senior vice president and partner at Manekin, a regional commercial real estate company.
The study says establishing the research center near the university would be advantageous because of its proximity to the university and the Metro.
Furthermore, locating any type of incubator near the university has the additional benefit of passage to and interaction with the university, said Martha Connolly, director of the university's Maryland Industrial Partnerships Program.
According to Connolly, the university's incubator programs helped to launch two biotech companies: Digene Corporation, a company in the molecular diagnostics industry, and Martek Biosciences Corporation, which is dedicated to the development of infant formulas and other nutritional products.
As of right now, the Biotech Research and Development center's location is still not confirmed. Despite the potential benefits, Fryer is skeptical about the development being created near the M-Square area due to a lack of investors in the project.
"This study contemplates some type of biotech research facility [which] is very specialized and very expensive ... It's something we would entertain if there were a specific user ready to take the space. It's not something we're likely to develop on a speculative basis," Fryer said.
Holman, however, is still hopeful about keeping the biotech center close to the university.
"We're exploring implementation in the area near M-Square as one of four potential locations," Holman said. "We're pursuing financing options available, and we'll work closely with the university as we move to implementation."
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