BioGenerator Seeking Up to $1.5M in State Tax Credits for New Lab Space

By on November 16, 2018

From St. Louis Post-Dispatch:  A St. Louis economic development agency is working with BioSTL to procure $1.5 million in Missouri tax credits to support the development of new lab space in the Cortex district.

BioSTL operates BioGenerator Labs, which offers affordable lab space to growing companies. Those labs are currently based in the Cortex 1 building at 4320 Forest Park Boulevard, but the building’s owner says it must leave by August, according to a city report.

The building is owned by Chicago-based Ventas, which in 2016 acquired all of the real estate assets held by major Cortex developer Wexford Science and Technology and partnered with Wexford to manage that portfolio. Silicon Valley payment processing firm Square said in May that it would lease an additional 56,000 square feet of office space in the Cortex 1 building as it grows its St. Louis workforce. It will have the capacity for as many as 800 people over the coming years.

BioSTL hopes to consolidate its offices and lab space under one roof at the Crescent building at 4340 Duncan Avenue, a former Post-Dispatch printing plant under development by BOBB LLC, a company affiliated with Washington University.

A lease is still being negotiated for the Crescent space, said BioSTL CEO Donn Rubin, but he hopes it will be finalized in a few months. In the meantime, BioGenerator has turned offices into laboratories and its break room into offices to help as many young biotech firms as possible, Rubin said.

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