Building an urban life sciences district in Midtown Cleveland: An opportunistic development proposal that requires private and public collaboration
Name
vaughn-zachary-msred-cre-2022-thesis.pdf
Description
Thesis PDF
Size
59.57 MB
Format
Adobe PDF
Checksum (MD5)
45e0a9ad9c45e69e3b0e1f1b4697d92d
Author(s)
Vaughn, Zachary T.
Advisor(s)
Shen, Kairos
Date Issued
September 2022
Publisher
Massachusetts Institute of Technology
Abstract
The life science industry in the United States has experienced exceptional growth in the past half-decade. Private and public funding continues to pour into life sciences; top talent is the key source of new products and innovations; and lab space is one of the fastest pre-leased asset classes in all of real estate. With the number two best hospital in the world — accompanied by other top hospitals and medical universities — it is hard to believe that Cleveland, Ohio has not yet overcome its nickname as the “Mistake on the Lake." This thesis aims to validate and propose an urban life sciences ecosystem in Midtown Cleveland by amalgamating Cleveland’s existing life science infrastructure and talent with the international demand for new biotech and pharmaceutical research and development.
The thesis is sectioned into six chapters, the first chapter being the explanation of the thesis and its overall framework. Chapters II and III provide overviews of both Cleveland and the life science industry, whereas Chapter IV melds these two subjects together and explains the potential opportunity for life science development in Cleveland. This chapter also discusses the recent Cleveland Innovation District and the public-nonprofit partnerships currently in place. Finally, Chapter V presents a development proposal of a ten-acre site in Midtown Cleveland, focusing attention on one laboratory building in particular. The thesis concludes in Chapter VI with the writer’s final thoughts and key financial considerations.
MIT Department
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.
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