CIC Will Open Third Location in Cortex

By on April 21, 2017

From St. Louis Post-Dispatch:  The new Cortex building at 4220 Duncan Avenue that will house Microsoft will also be home to a third Cambridge Innovation Center location in the area.

The St. Louis Development Corp. approved allocating $10 million in New Markets Tax Credits to the $53 million building being developed by Wexford Science and Technology of Baltimore.

CIC, which houses communities of entrepreneurs, growth companies and the professional service firms that cater to them, already occupies space in the @4240 building and at the CIC@CET building at 4041 Forest Park Avenue. It will take up an additional 41,000 square feet in the new Duncan Avenue building, according to an SLDC report on the tax credits. It is housing 120 companies in the area with the capacity to serve another 120, according to the city.

Taking up 16,000 square feet of space will be BJC’s fitness and rehab center WellAware. An additional 72,000 square feet is described in the SLDC report as “speculative” lab and office space.

In all, the project is slated to receive $27.5 million in New Markets Tax Credits. In addition to SLDC, other contributors include Urban Action Community Development of Baltimore, McCormack Baron Salazar and PNC Bank.

Wexford and Cortex, a redevelopment area that has turned an old industrial corridor in the Central West End into a tech hub, announced the Microsoft move last month. In addition to New Markets, the city has approved $9.5 million in tax increment financing for the latest, $100 million Cortex phase, which also includes an Aloft Hotel.

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