USD Discovery District selects development partner–Tetrad Property Group–to start first building
SIOUX FALLS, S.D. – The University of South Dakota Discovery District, an 80-acre contemporary corporate and academic research park under development in Sioux Falls, today announced it has selected Tetrad Property Group, LLC (TPG) as its preferred research facility developer.
The Discovery District signed a letter of intent with TPG for one or more multi-tenant research and advanced manufacturing facilities to initiate the first building on the site adjacent to the University Center in northwest Sioux Falls. This initial project will be a +/- 25,000 square foot facility targeted for completion in 2018.
“TPG is the type of strategic partner we were seeking,” said Rich Naser Jr., president of the USD Discovery District. “They have expertise in the area of developing research parks and specialized research facilities as well as operating in a complex public-private partnership environment with a shared vision of fostering innovation and economic growth.”
As a real estate development company, TPG has with unique experience participating in public-private partnerships (P3) and large science and corporate building projects. Headquartered in Omaha, Nebraska, TPG has established itself as a developer of research parks. The firm is currently the Master Developer for Nebraska Innovation Campus, in partnership with the University of Nebraska, and is preparing to start their fourth building. TPG has also worked on other notable complex science and medical projects including Colorado State’s Translational Medicine Institute and the University of Nebraska Medical Center/Nebraska Medicine’s Fred and Pamela Buffett Cancer Center.
“TPG is excited to be working with the USD Discovery District to implement their vision for a dynamic research and development campus,” said TPG President Mark Nienhueser. “We know from our experience partnering with higher education institutions that these developments are game changers for their host communities and enhance economic development for the region where they are located.”
The Discovery District received 6 qualified proposals in response to its March RFQ from experienced developers throughout the country. A 7-member selection committee comprised of Discovery District board members and industry experts evaluated the proposals and qualifications based on factors including experience in the P3 arrangement and financial capacity, as well as planning, architectural, engineering and operational expertise.
“TPG places an emphasis on developing private-public partnerships as an opportunity to create value, promote change and enhance efficiency in the communities where we live and work,” added Nienhueser. “Our goal is to maximize value for all stakeholders.”
The USD Discovery District is a public-private partnership effort between the University of South Dakota, the City of Sioux Falls, the Board of Regents and the business community through Forward Sioux Falls.
“We look to Tetrad’s experience in research park development, operations and growth to help us launch more rapidly, optimize infrastructure and maximize the resources to offer creative, efficient and affordable options within the District,” added Naser.
Since inking the agreement the partners have been reviewing existing plans, meeting with potential tenants and connecting with city representative, economic development partners and other stakeholders involved the District’s development.
In addition to having two potential tenants identified for this first facility, additional companies have provided specifications for biopharmaceutical manufacturing and animal research space.
“We will now work with TPG and potential tenants to firm-up specifications, select an architect, construction partner and finalize the scope of this first project,” added Naser. “With each milestone, the vision of an innovation community to live, work and play is taking shape.”
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About the USD Discovery District
The USD Discovery District is an 80-acre contemporary corporate and academic research park under development in northwest Sioux Falls. The goal of this urban innovation community is to provide access to research facilities and infrastructure for research business development and spur innovation-driven businesses in an environment for students, researchers, and entrepreneurs. When fully developed, it will include an estimated 26 privately developed buildings and nearly 2,800 people will work for companies in the District.
Anchors for the park include the Graduate Education and Applied Research (GEAR) Center including its pilot-scale cGMP facility, and USD’s Biomedical Engineering Program (BME). The District development is private-public partnership between the University of South Dakota, the Board of Regents, Forward Sioux Falls and the City of Sioux Falls.
About Tetrad Property Group
Tetrad Property Group (TPG) is a commercial real estate development company focused on implementing innovative and fiscally responsible projects for private investment and public institutions throughout the Midwest. Headquartered in Omaha, Nebraska, TPG places special emphasis on developing public-private partnerships as an opportunity to create value, promote change and enhance efficiency.
TPG was founded by W. David Scott and Zachary A. Wiegert, both of whom have been engaged in development, investing, and advisory activities within the commercial real estate sector since the early 1990s. These founders have decades of experience in sourcing, underwriting, acquiring, funding, restructuring, developing, and managing commercial real estate investments.