Biotech Park Opens At Searle Campus

Shuttered for two years, the former G.D. Searle & Co. campus in Skokie will reopen Thursday as a lure to young technology companies with big aspirations. But the Illinois Science + Technology Park might as well be dubbed Chicago Biotech's Field of Dreams, for the recycled property is a major affirmation of the "if you build it, they will come" philosophy. The 28-acre property where scientists once hatched such notable products as NutraSweet and Celebrex, hopes to become a magnet to pull feisty young biotech start-ups and established foreign pharmaceutical operations to Illinois. Even though there are no tenants yet, enthusiasm for the development runs deep among politicians, business executives and academics. "This is a once in a generation opportunity," said Skokie Mayor George Van Dusen. The village has created a $10 million tax-increment financing to help subsidize development. "It's a great shot in the arm," said Jack Lavin, director of the Illinois Department of Commerce and Economic Opportunity. The state has come up with $1 million for the facility and has pledged more in the future. Forest City Enterprises Inc., the Cleveland-based private developer that paid $43 million to buy the Searle property from Pfizer Inc., plans to invest $300 million over the next few years to create a campus with 1 million square feet of laboratory and office space suitable for life sciences firms. A study for the developer concluded that the Chicago area is lacking in life sciences lab space. That is one reason that biotech enterprises find it difficult to prosper here, despite a wealth of academic research, a skilled workforce and other ingredients for success. Forest City will begin development by tearing down several buildings and creating green space where concrete now sits. The developer will keep some new buildings and offer more than half a million square feet of labs and offices right away to tenants.