Research Park, University of Illinois at Urbana–Champaign

Research Park, University of Illinois at Urbana-Champaign

Aerial View of the University of Illinois Research Park
Research Park, University of Illinois at Urbana-Champaign
60 Hazelwood Drive Champaign, Illinois, USA 61820
Information
Established	1999
Area	663,000 sq-ft
Companies	100+
Structures	14
Employees	1,500+
Student Interns	500+
Website	Official Site
University of Illinois at Urbana-Champaign

Research Park, University of Illinois at Urbana-Champaign, or simply referred to as "Research Park", is a research park located in the southwest part of the University of Illinois at Urbana-Champaign campus in Champaign, Illinois, United States. The Research Park at the University of Illinois at Urbana-Champaign is a technology hub for startup companies and corporate research and development operations. Within the Research Park there are more than 100 companies employing students and full-time technology professionals.

Research Park gained the approval of the Board of Trustees in November 1999 and established its governance with the University of Illinois Research Park Limited Liability Company in March 2000. The Research Park opened its first building in 2001 and grew quickly into a 200-acre technology hub for corporate research and development operations. Research Park is located on the south side of the University campus which provides several advantages such as easy access to University facilities, close proximity to university faculty, and flexibility to use university students for internships. In 2003, the State of Illinois provided funding to build the EnterpriseWorks Incubator, a 43,000 square-foot business technology incubator for early-stage tech firms, and the first tenants moved in during early 2004. In May 2000, the University entered into a partnership with Fox/Atkins who now leases the land from the University and constructs customized buildings for Research Park's tenants. The company is responsible for transforming the land from fish ponds, agricultural fields, and livestock barns to a thriving, supportive environment for modern tech entrepreneurs. The next phase of development in the new master developer agreement is to add 160 acres of additional land east of the main Research Park area. This expansion represents the continuing success of advancing the economic development in the state and region at large. The total operation in Research Park annually contributes $4.1 million in tax revenues to the state of Illinois. The total construction over 10 years contributed $7.2 million in state tax revenue. The Research Park is the most visible shift in economic development and innovation in the history of the University of Illinois. Ed McMillan, chairman of the Board of Managers for the Research Park and a University of Illinois trustee, stated that, "The mission of the Research Park is much in collaboration with the mission of the University of Illinois. In addition to teaching - in addition to research and outreach - it's also commercialization of technology."