Fayetteville, Ark., January 10, 2022 /PRNewswire-PRWeb/ — Developers CRG and IDEA Partnerships, along with design-builder Clayco, recently donated the Enterprise Center Building in Arkansas Research and Technology Park (ARTP) to the University of Arkansas Technology Development Foundation (UATDF), which manages ARTP and its affiliates.
Built by Clayco to facilitate high-level academic research, the two-story building is LEED Silver and contains high-end laboratories, offices and manufacturing facilities. Its laboratory capabilities serve as a commercialization hub for technologies, many of which were developed in University of Arkansas and include new insulin delivery methods and health monitoring systems; as well as the development of advanced materials such as silicon carbide for energy efficient high power switches.
“Community stewardship is one of the cultural pillars of our business,” said Clayco’s Executive Chairman and Founder. Bob Clark. “We are honored to be able to make this donation to support innovation and entrepreneurship in Northwest Arkansas.”
“After completing this transaction in 2009, we learned that it was the weekend of the Great Recession low. Jim Smith (of Smith Hurst, PLC) helping us cut the wood needed to close the deal, I doubt it would have gone through,” said Howard Smith, a former Clayco executive who managed the shutdown in 2009.
Thanks to this donation, the UATDF consolidates the ownership of the assets within the ARTP and unifies the property management of the rental spaces, allowing the Foundation greater fluidity with the strategic subsidiaries of the Park. In addition, the arrangement will accelerate the UATDF’s access to cash flow while consolidating and reducing debt obligations.
“I am delighted to have been able to work with Clayco and IDEA Partnerships to structure this donation in a way that all parties can benefit,” said David E. Snow, President of the UATDF and Acting Vice-Chancellor for Economic Development University of Arkansas. “We are very grateful for the donation of the Enterprise Center Building. It will bring continued benefits to our growing innovation ecosystem here at Arkansas Research and Technology Park. I would like to thank Jim Smith for his efforts and support in this transaction and the rest of the UATDF Board of Directors, the Chancellor and General Counsel of the University of Arkansas, and congratulate my predecessor, now retired Phil Stafford, which laid the foundation for our success many years ago.”
The Enterprise Center was developed between 2008 and 2009 by CRG and IDEA Partnerships through unique leveraged financing options available to public-private partnerships, including the New Markets Tax Credit Program. Recently appraised at a market value of over $20,500,000, the Enterprise Center Building was leased by the University of Arkansas. Its unique tenancy structure has resulted in a permanent lease with expansion opportunities for companies beyond ARTP’s accelerator facilities.
About the MAF
CRG is a national, privately-held real estate investment and development company that has developed over 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multi-family assets exceeding $13 billion value. CRG relies on a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, Saint Louis, philadelphia cream and Phoenix. CRG’s philosophy of growing for the future and anticipating the increased needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multi-family brand, Chapter. For more information, visit CRG’s website at http://www.realcrg.com.
Clayco is a full-service turnkey real estate development, master planning, architecture, engineering and construction company that safely delivers clients across North America the highest quality solutions on time, on budget and beyond expectations. With $3.8 billion in 2020 revenue, Clayco specializes in “the art and science of construction”, providing fast and efficient solutions for industrial, commercial, institutional and residential construction projects. For more information, visit http://www.claycorp.com.
The Arkansas Research and Technology Park (ARTP) was established in 2003 and began operations
in 2004. Over the past few years, ARTP has shaped a dynamic environment for innovation where academic research translates into innovative products supporting highly skilled, well-paying jobs. Today, ARTP is recognized as a regional innovation hub where companies benefit from collaboration opportunities giving them access to intellectual capital, cutting-edge research resources and a technologically skilled workforce. . At present, ARTP’s facility inventory totals 285,000 square feet and includes the Engineering Research Center, High Density Electronics Center, National Center for Reliable Electric Power Transmission, the GENESIS Technology Incubator, Innovation Center and Enterprise Center. At full construction, ARTP is designed to create nearly 750,000 square feet of research and development capacity, housed in multiple buildings providing over 2,000 highly skilled, well-paying jobs.
Sarah Green, Clayco, +1 314-592-5630, email@example.com