A recently released report demonstrates Cortex Innovation Community’s economic impact on the region.
Cortex enlisted economic development research firm TEConomy Partners to prepare the report. They found that from 2014 through 2018, $40.7 million in state and local net new taxes were generated from within Cortex’s boundaries, including $7 million for St. Louis Public Schools. The City of St. Louis received $8 million in net new taxes during that period.
Cortex was founded in 2002 through an initial investment of $29 million by Washington University, BJC Healthcare, the University of Missouri-St. Louis, Saint Louis University, and the Missouri Botanical Garden. The nonprofit redevelopment entity transformed a crumbling industrial area into a thriving tech district that now has 6000 employees at 425 companies — up from 50 companies and 1,000 employees in 2012.
Last year, Washington University redeveloped the Crescent building at 4340 Duncan Avenue. In addition to anchor tenant BioStl, the 80,000 building also provides affordable office and lab space to bioscience startups. Additional projects are on the horizon: Wexford Science and Technology and Ventas Inc. are developing a $115 million 325,000 s.f. office and lab building, which is expected to be completed by summer 2021. And the 129-room Aloft Hotel is expected to open this spring.
Hank Webber, WashU’s executive vice chancellor and chief administrative officer, is chairman of Cortex’s board of directors.