By: Danielle Ulman
Fairfax County in Virginia has dropped plans to fund a huge medical research center, and that could be great news for Montgomery County.
Montgomery has big plans to build on its Life Sciences Center off of I-270, creating a massive Science City that would compete with the biggest biotech hubs in the country — for more info on the project, check out my story in today’s paper.
According to the Washington Examiner, the county’s exit from the Ignite Institute for Individualized Health project marks the second financier to lose interest in the last few weeks. And that has raised hopes for Montgomery’s efforts to lure the research project to settle in the proposed 20 million square foot development at Science City.
Here’s what the Examiner says happened in Fairfax:
County leaders were considering up to $150 million in revenue bonds for the genomics startup but got cold feet after Inova Health System said it couldn’t drum up$25 million previously pledged for the center.
“Fairfax County was concerned about being left out there by ourselves with a very ambitious project,” Board of Supervisors Chairwoman Sharon Bulova said. “Without a medical partner and without a funding partner, there is no way Fairfax can do it.”
Even with the setbacks, Ignite officials say they remain committed to a headquarters in the Washington area. Ignite President and Chief Executive Officer Dietrich Stephan has said willing partners will fill the void left by the county and Inova.
Montgomery County officials hope Stephan will look elsewhere despite a handful of partnerships already established in the commonwealth.
“I think it opens up the door to renew discussions with them,” said Steven Silverman, director of the Montgomery County Department of Economic Development. “If Inova hadn’t participated in this, there would have been no Fairfax or state of Virginia commitment.”
Ignite says its built on a “collaborative ‘hybrid’ model that includes independent leadership, affiliations with universities and clinical centers of excellence, a non-profit academic component and for-profit accelerators/incubators.” It sounds exactly like what Montgomery and one of its development partners, Johns Hopkins University, are aiming for.
Lots of approvals have to be put in place for the Science City project to move forward, but it will be interesting to see what happens if the expansion gets the green light and Ignite is still looking for funding.
(Belward Farm pictured, a 107-acre farm being developed by JHU for Science City)