Portland's 'innovation quadrant' adding $100 million labs
Portland's IQ, or Innovation Quadrant, has been largely vaporware until now. The building boom has been in full swing for seven years, but the land around Oregon Museum of Science and Industry on the east side, stretching up to East Burnside Street, was supposed to become a hotbed of tech and biotech innovation.
That might finally be starting as Summit Development plans to build two bioscience buildings that could house biotech companies. One, which was announced in 2018, is called the Eastside Innovation Hub (EIH) at Southeast Eighth Avenue and Alder Street. The current three-story warehouse at 808 S.E. Alder St. will be renovated and become a four-story Innovation Hub, opening in the fall of 2019, with a $12 million budget.
The other, announced in April by Summit, is at Southeast Ninth Avenue and Stark Street and will be called the New Industrial Revolution. It will be two 10-story towers joined in an H-pattern with courtyards and eateries. The budget is $103 million and it will break ground in 2020.
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