Woodbury Corporation Breaks Ground on New Research Building at University of Kentucky
- Woodbury Corporation further invests in research parks at major universities
- Despite global pandemic, project breaks ground in record time
SALT LAKE CITY (February 23, 2021) — Woodbury Corporation, a full-service real estate management and development company, in partnership with the University of Kentucky, today participated in the groundbreaking event for a new research building on the Coldstream Research Campus at the University of Kentucky.
Located at 1532 Bull Lea Road in Lexington, the new building will be approximately 46,300 square feet, on five acres. The Coldstream Campus is home to over 50 organizations with more than 2,250 employees working in such industries as biotech, pharmaceuticals and equine health. Kentucky Technology, Inc., a for-profit company owned by UK’s Research Foundation, will occupy approximately half of the new building once completed.
“Like other research parks in which we have partnered in the development – such as the University of Utah Research Park, Utah State Innovation Campus, and Falcon Hill National Aerospace Research Park — we foresee continued growth and success at this campus which will surely establish it as the premier location for technological innovation in Kentucky,” said Rick Woodbury, chairman of Woodbury Corporation.
“The University of Kentucky is excited to work with Woodbury Corporation for our new high-tech building due to their understanding of how research campuses work, and the team of professionals they assembled for the project,” said George Ward, executive director of the university’s Coldstream Research Campus. “The new building will serve as a first stop for Coldstream prospects inquiring about available facilities, and will house early-stage companies entering their growth phase. This is a catalyst project that will encourage further development and job creation at the research campus.”
Woodbury Corporation submitted a proposal to the University of Kentucky for the development of this building in March of 2020, and by June was selected as a finalist. In August all contracts for this project had been negotiated, by December Woodbury Corporations internal architecture department along with a firm based out of Kentucky had designed the building, and commenced construction in January, all during a global pandemic.
Having worked in real estate in this market for nearly 15 years, this level of efficiency during pre-pandemic times is notable, most certainly during a pandemic,” said Josh Berger, director of development at Woodbury Corporation’s new Midwest office, and one of the newest employees of the company. “I look forward to continuing my career at Woodbury Corporation and working with such a talented team of real estate professionals.”
The building is anticipated to be completed by the end of this year.
About Woodbury Corporation
Founded in 1919, privately-held Woodbury Corporation is one of the oldest and most respected full-service real estate development companies in the Intermountain West. Headquartered in Salt Lake City, Woodbury Corporation owns and manages over 14 million square feet of retail, office, hotel, residential, and industrial buildings across 16 states. For more information on Woodbury Corporation’s properties and projects, visit http://www.woodburycorp.com.
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