SOURCE: The Puerto Rico Science, Technology and Research Trust

February 10, 2016 13:00 ET

The Puerto Rico Science, Technology and Research Trust to Develop 68-Acre Science City in the Knowledge Corridor of San Juan

Development Partner Sought to Help Plan and Build a State-of-the-art, Mixed-Use, Science, Technology and Research Community With Residential, Retail and Lodging

SAN JUAN, PUERTO RICO--(Marketwired - February 10, 2016) -  The Puerto Rico Science, Technology and Research Trust (the Trust), a private nonprofit focused on encouraging innovation, technology transfer and commercialization and foster creation of jobs in the global knowledge economy, today announced plans to develop Science City on 68 acres in San Juan. The Trust is seeking a development partner to lease, finance, develop and manage the Science City project on a long-term basis. The site is cleared to create a state-of-the-art, mixed-use, transit-oriented, sciences, technology and research community, with supporting residential, retail, and lodging uses. Potential partners can download more information on the project and the RFQ at http://prsciencetrust.org/science-city-development. Click here to Tweet this release http://ctt.ec/rfVjR.

"The Trust is an integral part of the Island's Knowledge Corridor, with public- and private-sector Board Members representing institutions such as the University of Puerto Rico, the Molecular Sciences Research Center, Yale University, Amgen and local pharmaceuticals," said Lucy Crespo, Chief Executive Officer of the Puerto Rico Science, Technology and Research Trust. "Developing Science City will advance the Trust mission: to invest, facilitate and build capacity to continually advance Puerto Rico's economy and its citizens."

Since its inception, the Trust will have made a significant investment by June 2016 in land, site improvements and infrastructure as part of an ongoing plan for supporting the private development.

"Science City is a top priority for Puerto Rico's economic development as a means of reversing recent trends and attracting new companies that will create high paying jobs and leverage the research activities occurring on the island," said Ivan Rios, Chief Operating Officer of the Puerto Rico Science, Technology and Research Trust. "As a financially viable development partner with significant assets, the Trust is prepared to enter into a long-term lease of the site with a selected developer and work side-by-side to help realize the vision and make Puerto Rico a globally recognized innovation hub connecting and integrating Puerto Rico's science and technology ecosystems."

The Science City Site is located in the heart of San Juan's dynamic Knowledge Corridor, surrounded by many publicly- and privately-owned hospitals, universities and research institutions such as the Comprehensive Cancer Care Center, the new Molecular Sciences Research Center, the University of Puerto Rico Medical School, the University of Puerto Rico Rio Piedras campus, Centro Médico de Puerto Rico campus with eight hospitals and many others. The Trust is also working with the other surrounding science and research institutions to formally collaborate with the Trust and future Science City tenants in fields including research, technology transfer, and clinical trials.

The Science City District harnesses the uniqueness of Puerto Rico, which includes a multicultural society and connected diaspora throughout the world; convenient geographic location and access to mainland USA, Latin America and beyond; lower cost of living and resources; and competitive taxation under US laws. All of these elements, combined with additional business incentives, have attracted well-connected and experienced business people to live on and work from the island.

About The Puerto Rico Science, Technology and Research Trust

The Puerto Rico Science, Technology and Research Trust, as described in Public Law 214, is a private nonprofit organization created in 2004 to maximize Puerto Rico's participation and creation of jobs in the global knowledge economy by promoting the investment and financing of science and technology research and development. By investing in research and the commercialization of technology, the Trust serves as a catalyst for creating and retaining the Island's highly qualified, well educated, and often bilingual residents. The Trust is also responsible for Puerto Rico's public policy for science, technology, research and development. For more information log onto http://www.prsciencetrust.org.

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