The hub’s board estimates that developing the incubator space, which will likely be located in Providence, will cost between $10 million and $13 million. When asked what the sticking points are for the hub, Steinberg said they are “deep details.”
“What it’s going to look like, what the final cost is, what the structure is – nothing radical, except that I’m just being too ambitious on the timelines,” said Steinberg, the former president and CEO of the Rhode Island Foundation. He expects the incubator to open in fall 2025.
The news comes at a time when other major metropolitan areas are also facing a glut of lab space. Boston saw a wave of new lab construction during the COVID-19 pandemic. The availability of lab space in the city skyrocketed, only to be met with a downturn in industry. Now, vacancy rates for life sciences buildings have exploded in the Greater Boston area. Despite these warning signs, Rhode Island officials have doubled down on their optimism about building lab space.
At the beginning of the year, the Hub solicited offers for laboratory space, which will later be called the “Rhode Island Incubator” and will replace the already planned laboratory space in Wexford Science and Technology Building and the new State Health Lab being built in Providence’s Jewelry District. It is unclear if this incubator will ultimately be housed at either location. When asked, Steinberg said the incubator will be housed in the “best location we can get” and the hub is still “in negotiations.”
Steinberg expressed hope that a final proposal for the development of the incubator could be presented at the Hub’s next meeting in September.
The Life Science Hub was tasked by a 2023 law to serve as a central hub and coordinating organization for life science initiatives on behalf of the state, potentially investing in Rhode Island-based companies and promoting economic growth and workforce development. The hub is modeled after similar groups in Massachusetts and will manage $45 million in state funding.
Steinberg said the board is also still looking for a permanent president and CEO. Earlier this year, the hub expected to hire its first president by May, but Phillip Duffy, a representative of executive search firm Korn Ferry, said Tuesday that a “shortlist” of candidates will enter the next interview phase in mid-September and hopes to have a finalist chosen by early November.
The names of candidates still applying for the position will remain confidential, Steinberg said.
In June, Patrice Milos was unanimously appointed interim president of the Hub. Milos has over 30 years of industry experience and was a founding member of industry organization RI Bio, but she will not seek the permanent position.
The hub pays Milos $25,000 per month for the temporary position.
Alexa Gagosz can be reached at [email protected]. Follow her @alexagagosz and on Instagram @AlexaGagosz.
