Mayo Clinic buys 228 acres in biotech corridor for $139 million

Mayo Clinic buys 228 acres in biotech corridor for $139 million

 
Article Originally Posted By AZBigMedia On December 15, 2021
 
 
 

Mayo Clinic has acquired 228 acres of land adjacent to its campus in North Phoenix, securing the ability to expand its patient-centered model of care and paving the way to develop a transformative biotechnology corridor.

The L-shaped parcel wraps around the existing Mayo Clinic Hospital campus and the Arizona State University Health Futures Center. The parcel extends from 56th Street to 64th Street, south of State Route 101. It was purchased from the Arizona State Land Department at public auction on Dec. 15.

Developing this area of North Phoenix to support Mayo Clinic’s strategic vision and the “Discovery Oasis” biotechnology corridor has been a long-standing goal of Mayo Clinic, the City of Phoenix, the State of Arizona and Arizona State University. The concept furthers Mayo’s mission of addressing humanity’s most serious and complex medical challenges while fueling local and state economic growth. Biotechnology collaborators will be invited to co-locate in what is expected to become a dynamic corridor for advancing novel medical and health care solutions.

“Leading in the transformation of health care on behalf of patients everywhere is central to Mayo Clinic’s strategy. We believe the acquisition of this land is one of these opportunities, giving us a new canvas to co-create with innovators in science and biotechnology,” said Gianrico Farrugia, M.D., CEO for Mayo Clinic.

“Mayo Clinic will use a portion of the land for continued expansion of our Phoenix campus and our patient-centered model of care,” said Richard Gray, M.D., CEO for Mayo Clinic in Arizona. “But we also have a new opportunity to vision a biotech corridor, anchored by Mayo Clinic, where we invite collaborators to join us in pushing past the existing boundaries in medicine and health care. Discovery Oasis will be fertile ground in the desert, where new ideas can move rapidly from science to patient care solutions to biomanufacturing and broad application.”

Mayo Clinic’s purchase of the site for $139 million will benefit Arizona State Land Department beneficiaries, including state K-12 education. This commitment to education will be extended by land use that enriches the Mayo Clinic Alix School of Medicine, The Mayo Clinic College of Medicine and Science and the Mayo Clinic and Arizona State University Alliance for Health Care.

Mayo Clinic in Arizona is in the process of adding 1.6 million square feet to the Phoenix hospital campus as part of the “Arizona. Bold. Forward.” project — one of the largest capital expansions in the history of Mayo Clinic. By the close of 2023, through the generous support of benefactor funding, nearly 100 new patient beds will be added, as well as outpatient, education and research spaces. Plans call for adding 100 more patient beds by 2030.