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Development of Charleston Research Hub to Take Years, Partners Say

Submitted by: John Warner on Dec 09, 2008 at 2:37 am Tagged with: Academia, Biotechnology, Health Sciences, Research Source: Charleston Digital Corridor

City Council to Vote on Financing Plan
12/07/2008
David Slade, The Post and Courier

A neglected section of Charleston's West Side is about to become the focus of a sweeping redevelopment plan aimed at creating a biomedical research hub, public amenities, new homes and stores.

The partners in the $155 million initiative — the city, Medical University of South Carolina and South Carolina Research Authority — all say redevelopment won't happen right away, but the city will take the first step Tuesday when City Council holds a preliminary vote on a financing plan.

"Whether we're able to break ground next year or the year after next, the economy and the state's finances will determine that," Mayor Joe Riley said. "It will be a matter of when, but not if."

Dr. Ray Greenberg, president of MUSC, said the development "will unfold over years, if not decades."

"Obviously, we're trying to deal with unprecedented cuts in our state funding," he said. "We, as an institution, don't have resources to build new facilities right now."

Last month, MUSC announced it would furlough 1,200 of its 5,000 employees for four days and lay off 10 employees to help absorb nearly $17 million in state budget cuts.

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