Wexford Miami, LLC, the members of which are Wexford Equities, LLC & Wexford Science + Technology, LLC (“Wexford”) completed the first phase of the University of Miami Life Science & Technology Park in 2011. The building contains 252,000 square feet and is leased to life science, university and ancillary retail and office tenants. The $107 million project was funded through a combination of debt financing (from a 30-year tax exempt bond and BirchLEAF Miami 31, LLC EB-5 funds), federal new market tax credits and the developer’s cash equity.
The UM Life Science & Technology Park is situated on an eight acre site and is expected to contain 1.65 million square feet of total building area in five buildings upon completion, approximately 75% of which is intended for biomedical research and development uses along with supporting activities. The land that comprises the UM Life Science & Technology Park is owned by the University of Miami. The Park site is adjacent to the University of Miami Miller School of Medicine within the Miami Health District.