Memphis Bioworks Foundation Razing Buildings to Begin Growth in Community

MEMPHIS, Tennessee, January 26, 2005 - The Memphis Bioworks Foundation today unveiled a demolition schedule and began to demolish walls in preparation for the creation of the UT-Baptist Research Park. At a news conference in the shadow of the buildings to be removed to make way for the state-of-the-art campus designed for the highly specialized needs of the growing Memphis bioscience community, business leaders and students from the Memphis Academy of Science and Engineering watched the first wall come tumbling down.

"We are energized about what is happening today because it represents the next major phase of Memphis' growing bioscience community. Clearing away these buildings will give us the avenue to build the right facilities to accomplish the specific goals of participating organizations and highly specialized tenants," said Dr. Steven J. Bares, Executive Director and President for the Memphis Bioworks Foundation. "We look forward to the economic growth that our efforts will have in the community, the revitalization of blight, and capitalizing on Memphis' strengths in the bioscience industry."

Today's activities mark the beginning of removal of buildings west of the former Baptist Memorial Hospital Medical Center tower. The first structure scheduled for demolition is a four-story building referred to as the Service building. The west wall of the Service building was removed as a part of the ceremony this morning. The building should be completely demolished and debris cleaned up by mid-March, 2005. Chandler Demolition Co., Inc., of Memphis, the contractor hired for this work, began the cleaning out and remediation for this building on December 15, 2004. The next buildings to be demolished will be the eight-floor intern residence, adjacent to the Service building and the 10-story physicians and a surgeons building that faces Madison. The demolition and cleanup timetable for these three buildings should last through September 2005. The major demolition of Baptist Memorial Hospital's 900,000 square foot main tower will begin in the latter part of 2005.

The completion of the UT-Baptist Research Park is estimated to take ten years, and will be completed in six phases. The Foundation is executing a business plan that is leveraging Memphis' unique assets to fulfill the nation's need for an urban biotech research park. When completed, the entire development will provide $250 million in annual salaries for 5,000 new jobs and $2 billion in annual economic impact.

"A great deal of activity has taken place and progress made in laying the groundwork and setting wheels in motion for the Memphis biosciences community over the last three years," added Bares. "While the demolition of the buildings will be a very visible demonstration of progress, it is just one part of a very aggressive initiative that will set the foundation for Memphis for decades to come."

Memphis Bioworks Foundation, a not-for-profit organization, was formed in early 2001 to establish the Memphis region as an internationally recognized center for biomedical technology. Baptist Memorial Health Care donated its property in the Medical Center to the Foundation for the site of its research park, the focal point of the biomedical and economic development. The research park, which will include an incubation program to develop new businesses in biotechnology, will be the centerpiece of a larger biomedical research and development center.