The Phoenix Biomedical Campus has an economic impact of more than $1.3 billion every year, according to a study commissioned by the University of Arizona, and it is still growing.
Last week, Wexford Science and Technology broke ground on a building on the Phoenix Biomedical Campus.
The campus, located in the heart of downtown Phoenix, is 30 acres and is designed for biomedical-related research, academic purposes and clinical facilities.
The 200,000-square-foot Wexford Science and Technology building is a $77 million development and is the first public-private project on the campus.
Wexford Science and Technology develops buildings with various types of space geared to support innovation and entrepreneurial activity in science and technology. Wexford works with “universities, academic medical centers and major research institutions,” according to its website.
“[The building] is going to be anchored with 100,000 square feet from Arizona State University with the research. And so, with that development it is allowing for the co-location of private research to occur,” Claudia Whitehead, City of Phoenix economic program manager, said.
Arizona State University is the anchor tenant, but the remaining space in the building will allow room for other research-related initiatives and draw entrepreneurial bioscience companies.
Whitehead explained the Wexford Science and Technology building, along with multiple other bioscience and health care developments, will generate 7,000 new jobs in the health care and bioscience fields in 24 months.
“It has a tremendous impact on the economic development and the success of our city because of the quality of jobs created in the bioscience sector,” Whitehead said.
According to the Arizona Bioscience Roadmap, the average annual wage in the biosciences field in 2016 was $63,801.
“And so, those are much higher-paying, quality jobs that are being created and that has a ripple effect throughout the economy,” Whitehead noted.
Wexford Science+Technology has twelve locations in addition to its building on the Phoenix Biomedical Campus, which is its first development in the western U.S.
“With their network of companies and research universities that they work with on a national basis, it is drawing attention to our Phoenix Biomedical Campus and it’s carrying it to another level,” Whitehead said. “And so, that will work to draw companies into Phoenix and into this biomedical campus that want to be a part of this research that is occurring.”
In addition to its vast network, Wexford Science+Technology’s location on the Phoenix Biomedical campus draws people to the area because of its proximity to housing developments, transportation accessibility and downtown Phoenix attractions.