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CONTACT: Eric Myers, Summit Development Group, 503.896.8083
Dianne Danowski Smith, @DiannePublixPR, 503.201.7019
‘EASTSIDE INNOVATION HUB’ LAUNCHES IN INNOVATION QUADRANT
Many firsts noted as growing biotech company, Revelar, signs on as anchor tenant and leases all of first floor plus part of new third floor at 808 S.E. Alder in Portland
Portland, Ore. – Emerging Central Eastside developer Summit Development Group owns and now holds the building permit for the first building in the Portland IQ specifically designed for life science research, specifically designed to house wet lab, analytical and office space, and a spec buildout plan, in 40,000 square feet over four levels of completely rehabilitated space.
Construction fencing and signs are up. The ‘Eastside Innovation Hub’ building is currently vacant and will soon have a fourth floor added. Summit Development Group owns the structure and recently received is structural building permit, once updated, it will be the first bioscience building in the Portland IQ’s Central Eastside geography to be funded fully by private, non-institutional funding. It will also be the first lab building in metropolitan Portland developed with all private funds.
“We were among the first of all the partners to sign onto a formal commitment with the Portland IQ planners and we are inspired, but not surprised, by the high level of interest in the Eastside Innovation Hub,” said Eric Myers, Summit’s Chief Development Officer. “Such adaptive reuse is crucial to the ongoing redevelopment of this emerging geography.” He added that the Central Eastside Industrial Council has been an important partner as well.
Summit has teamed up with Revelar’s President and CEO, Chris Marsh, to create anchor space for the biotech company with its footprint of about thirty percent of the building’s total square footage. Marsh co-founded Revelar to develop low-cost, noninvasive, easily-accessed breath tests that will merge clinical evidence and deep data analysis for preventive care and to detect and personalize disease treatments.
Said Marsh, “Revelar is a growing company. We need to be in a place that will allow for additional future growth and this project under development by Summit offers us that. It’s truly a long-term solution.”
Marsh noted Revelar’s new space will include a Biosafety Level 2 Laboratory. He added, “We were looking for lab space that meets our requirements for configuration and amenities. Cost is always a factor, but this location is very competitive on pricing.” Marsh also said, “Most BSL2 bio-laboratory users need the same basic infrastructure, yet each company has unique requirements that must meet stringent criteria for safe use. The modular core and shell design of the Eastside Innovation Hub allows for a multitude of efficient layouts. This allows us to tailor lab space to its intended use.”
Marsh also added that at the time of move in, Revelar will be relocating between 20 and 25 employees to the 808 space.
Also a Portland IQ partner, said Jennifer Fox, Ph.D., Executive Director of the Oregon Translational Research and Development Institute’s Bioscience Incubator, “We have incubated many fast-growing bio and digital health startups that now need their own dedicated lab and office space to grow, and they are determined to stay local as they transition from incubation to growth stage and beyond. This new bio building provides the urban industrial hub that these companies need and want in order to stay and grow in Portland.”
The structure will benefit from a full, top-to-bottom remodel which will include modernization, and an overhaul of the existing mechanical, electrical and HVAC systems as well as high capacity technology infrastructure and connections.
Summit’s Myers added the Eastside Innovation Hub’s soon-to-be-realized features will comprise market-rate rents; and biking, bus, pedestrian, street parking and street car access; and it will be proximate to both downtown and commercial areas.
Summit’s Myers also added that additional buildings in the Portland IQ are changing ownership near the Eastside Innovation Hub, and these close-in facilities will also be part of the Summit Development Group’s growth strategy in the Central Eastside district.
The Eastside Innovation Hub build team will include Lorentz Bruun Construction, Hennebery Eddy Architects, Inc., Harper Houf Peterson Righellis as structural engineers and Estime Group as lab planners.
Revelar’s Marsh also has advice for other entrepreneurs and startups about picking the right location. “Quality of the location is very important. We use location as a recruiting tool to bring talent to our organization.”
Summit’s Myers added, “This new space is key for growing firms now due to needs for lab and collaboration space. This is also the perfect time to be growing Portland’s Innovation Quadrant with its key features of adaptability, close-in access, our new neighbors at Autodesk, and the expansion of brewers, distillers and restaurant owners now located in the vicinity. This is a high quality, work-life option.”
The 808 building is due to be completed in late 2019.
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Summit Development is a Full Cycle Development company innovating to acquire, develop, build and manage commercial development projects, deriving solutions for all asset classes. As a property development company with decades of experience, we take great pride in the positive relationships we’ve built with our partners. We know that trust is created between owners, builders, and community partners only through integrity and hard work. Whether we are building a mixed-use commercial property development or residential neighborhood, we bring vision to the drawing table and a standard of excellence to exceed expectations. Summit Development Group principals are Eric Saunders, President and Chief Operating Officer; Eric Myers, Chief Development Officer; and Tim Hildebrandt, Chief Financial Officer.