Wanting to expand incubator space, LSU Innovation Park plans to lease land to a local developer who will build a $3.8 million facility on the property to accommodate new and existing incubator tenants at the park.
The facility, which would be 40,000 square feet on nearly two acres of land, already has four prospective tenants lined up, though there’s no formal commitments yet, according to documents submitted to the LSU Board of Supervisors.
The board will consider the request at its meeting Friday morning in Shreveport.
“A local private developer asked if we were interested in providing some expanded incubator space because our tenants’ operations are growing,” says David Winwood, the new executive director of LSU Innovation Park.
The developer is listed as Park Central Investments LLC, managed by Joseph Kunstler, who could not be reached for comment. The developer will be solely responsible for all costs of construction and operation, according to the request.
Prospective tenants for the new facility include Aquaculture Systems International, Carver Scientific, HIT Lights and Bascom Hunter Technologies. All of the tenants, except Bascom Hunter, are already at Innovation Park and are looking to expand. Bascom Hunter, now on Florida Boulevard, would be new to the park.
The terms of the lease would be 30 years, with two 10-year renewal options. Rent will be $7,000 per acre annually. The developer will also pay additional rent for building space. Negotiations on price are ongoing but are anticipated to be between 50 cents to $1 per occupied square foot, according to the request.
The lease will generate an estimated $27,000 annually for LSU Innovation Park.
The LSU Board of Supervisors will also consider a request for roadway improvements at LSU Innovation Park at its Friday meeting.
See the agenda, including both requests, here.