PORTLAND, Maine — A business park designed to bolster Portland’s biotechnology cluster will officially open on Wednesday.
At a ribbon-cutting ceremony, city officials will be joined by representatives of the Bioscience Association of Maine and the U.S. Economic Development Administration, or EDA, to introduce Phase One of the Portland Technology Park.
Phase One of the park, which is located on Rand Road adjacent to Exit 47 of the Maine Turnpike, involved building a road and public infrastructure necessary for the development of the first three of seven potential sites. It was funded by a $660,000 grant from the EDA and funds from the city’s Capital Improvement Program, according to a news release from the city.
“With more than 40 life science businesses, the Portland area is home to the largest cluster in the state and as we look to future economic development and opportunity we need to build the infrastructure like the Portland Technology Park to support growth and attract new business,” Portland Mayor Michael Brennan said in a statement.
Life science businesses — which includes everything from veterinary pharmaceuticals to immunology, diagnostics, lab products and environmental biotechnology — employ more than 5,000 people statewide and generate $1.3 billion in revenue, according to the release. The industry’s economic effect has increased more than 200 percent since 2002.
Phase Two will extend the road and infrastructure by another 525 feet, opening up the remaining four sites, and will begin as the three initial lots are developed.
Companies are responsible for the construction of their own buildings, driveway and parking lots. The park will accommodate buildings ranging from 10,000 to 40,000 square feet. Upon completion, the park is expected to have approximately 120,000 square feet in seven buildings.