$45 Million Discovery Ridge Research Park Expansion Gets Go-Ahead

A new three-stage $45 million construction project at the Discovery Ridge Research Park in Columbia, Missouri, is set to break ground by the beginning of next year, says CarrBaierCrandall Real Estate Group’s Rick Baier.

The firm from Kansas City has been selected from amongst a group of bidders, with the terms of the agreement being approved by the University of Missouri Board of Curators. The company will be charged with designing, constructing and marketing the 80,000 Sq. feet expansion.


Discovery Ridge Research Park expansion awarded to CBC. Courtesy of Columbia Missourian

The first phase of the project is going to run up an estimated bill of around $15 million, said Baier. Once this first project has been completed, the company will be able to move on to developing the next two phases.

“The design of the site layout we’ve gone for incorporated three buildings currently, covering a total 225,000 sq. feet, with the expected cost to be somewhere around the $45 million mark.

The University of Missouri System, which owns the Discovery Ridge Research Park, hopes it will be able to recoup much of the debts it incurred from the cost of developing the land of the research park, through renting the ground where the new building will stand, said Greg Williams, the director of research parks at UM.

The biggest hope though, is that high-tech businesses will show some interest in the new development, collaborating with the university development and research faculties for mutual benefit.

Greg Williams, UM's director of research parks, is very excited about the expansion.

“Our market is going to be research-oriented, hi-tech, private sector companies, together with researchers in universities who are ready to market a product,” said Williams.

“These restrictions are designed to guarantee the development’s integrity; therefore our audience must be people who have already established a close relationship with UM.”

Several companies have already show interest in the development, but as yet it remains unsure how many will eventually set up shop in the mixed-use office and lab facility.

Developers CarrBaierCrandall will not break ground until a minimum of 60% of the space has been leased.


Discovery Ridge set to attract new Hi-tech business partnerships. Courtesy of UM System

Williams told media that the reason CBC was chosen was because they had a hugely succesfull reputation for their work on life sciences real estate projects in the past, and also because it enjoyed the huge support of its partner, CB Richard Ellis.

“It’s an excellent fit for this job,” said Williams. “CBC really know their way around a project of this size.”

The designs rendered by CBC’s architect were also highly impressive, says Williams. “We hope that this new property will set a new standard for commercial buildings in Missouri,” he added.


Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

Recent Posts

Builders voice concern as new home starts dip by 10% annually

Homebuilders say they’re becoming concerned that increasing numbers of buyers are pulling out of sales…

40 mins ago

America’s Top 10 Lawn Care Services For Homeowners

The average American spends over 70 hours a year working in their yard. 70 hours - almost…

3 hours ago

Why Mortgage Applications Continue to Decline

According to recent data, mortgage applications are at their worst in 22 years. Just a short time…

4 hours ago

Deciding Between A Personal Loan or a 0% APR Credit Card

Whether you are trying to save a down payment for a first home or need…

20 hours ago

Why Real Estate Agents Should Advertise Their Listings Online

It's no secret that we're in the digital age, and real estate agents have had…

20 hours ago


The LGBTQ+ Real Estate Alliance today unveiled its second-annual LGBTQ+ Real Estate Alliance Top Producers…

23 hours ago