You may have noticed that Mayo Clinic Hospital has a large addition underway at its facility off the 101 Pima Freeway between 56th and 64th Streets. The Mayo Clinic Cancer Treatment Center is a small portion of the bioscience development plan underway for 200 acres north and east of the hospital.
Once this bioscience development plan is complete projections are that the Scottsdale area’s bioscience jobs could increase by 30,000 people.
The $1 billion development plan is being managed by KUD International in cooperation with Mayo Clinic and Arizona State University. The plan includes the addition of a Mayo Medical School Campus. ASU is looking at an additional 24 acres to develop a health education and bioscience research campus that it would finance on its own.
While the plan is far from finalized, KUD has already invested over $1,000,000 preparing to bid on the first 150-acre parcel directly north of Mayo Clinic Hospital. The state is scheduled to review the development plan next month.
Once the development plan is approved, the land department will schedule the auction. If another bidder prevails at the auction they will have to reimburse KUD for the funds it has already invested in the project plus the cost of the 99-year lease, said to be a minimum of $500 million.
If KUD prevails at the auction, plans call for construction of the bioscience research park in stages, beginning with 40 acres across from the hospital. The first two buildings, 130,000 and 260,000 square feet are estimated to cost $60,000,000.
KUD is also preparing to purchase a 77-acre parcel from the Land Department at the southwest corner of 64th Street and Mayo Boulevard, said to be worth $25 million. It will be a mixed-use development complementary to the hospital with hospitality and limited residential sites.
The Matheson Team is a group of Realtors who specialize in the Scottsdale area. Subscribe to our blog for the latest community and real estate information, and be sure to check out our listings.