ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, November 16, 1996 TAG: 9611180015
SECTION: CURRENT PAGE: NRV-1 EDITION: NEW RIVER VALLEY
DATELINE: BLACKSBURG
SOURCE: MARK CLOTHIER STAFF WRITER
Virginia Tech's Corporate Research Center has been so successful, officials are planning to double the number of new buildings each year.
Since 1988, when the center's first building was completed, an average of one building per year has been constructed. There are now nine buildings, with 258,000 square feet of space.
Even with the increased growth of two buildings per year, the center won't be lapping the banks of its 120 acres any time soon, said Corporate Research Center President Joe Meredith.
Exactly when it would flow into the proposed future growth area - Tech farmland below the current site and bounded by the U.S. 460 Bypass and Tech Center Drive - is uncertain.
"That's hard to predict. At least ten years," Meredith said. "But right now, things are going very, very well. There's no vacancies."
The executive director of the Association of University Related Research Parks echoed Meredith's assessment, calling the Tech center's growth phenomenal.
"I'm familiar with Virginia Tech's center and it's development is way above average," said Doug McQueen. "Most parks would die to grow by one building a year."
McQueen said there are 142 university-related research parks in the United States. Every state has at least one, as does every major university, he said.
The town also feels the impact of the center's 54 companies and 1,000 employees, many of whom live and pay taxes in Blacksburg.
Assistant Town Manager Bonnie Svrcek said the center's existence and projected growth was one of the positive points mentioned last summer when town officials went to New York to demonstrate the town's ability to support its bond debt.
Town Manager Ron Secrist said the future is bright for the CRC.
"I can see it having a positive impact on Blacksburg," Secrist said. "The industries relocating in the science and research fields increase sales dollars."
Meredith said about half of the center's 54 companies are connected to Tech, either through faculty entrepreneurship, sponsoring campus research or licensing technology.
Meredith, the center's one-man recruiting team, said he's recruited companies from Georgia, New York and Nevada as well.
"A lot of my job is just getting the word out about what a wonderful place to work and live this is," he said. "And my philosophy is the next small businessman you recruit might be the next Bill Gates. You never know."
Construction begins next week on a 38,000-square-foot building set to finish Oct. 1. Meredith said companies have already expressed formal interest in it.
The newest building, which houses the Waste Policy Institute, opened in September. Meredith said he expected it to take six to eight months to fill. It was packed three weeks after it opened.
Though he's happy with the center's growth, Meredith said he doesn't plan to start putting up buildings in anticipation of growth.
"The minute you do that, you'll have 40,000 square feet with no one in it," he said. "I'm not willing to bet my job on that."
LENGTH: Medium: 68 lines ILLUSTRATION: PHOTO: Nhat Meyer. An average of one building per year has beenby CNBadded since the Virginia Tech Corporate Research Center's first
building was completed in 1988. The center now has nine buildings
with 258,000 square feet of space. color.