East Stroudsburg University President Robert Dillman signed the final beam of the school’s new Center for Innovation and Entrepreneurship during a “topping off” ceremony for the completion of the building’s structure May 15.
The new $11.25-million, 51,000-square-foot center is the first phase of the ESU Research and Business Park, situated on 4.4 acres in Smithfield Township. The East Stroudsburg University Center for Research and Economic Development, a private nonprofit, is planning to develop the 15-acre park through future public and private partnerships.
The current project is being funded by a combination of federal, state and county funds: $2.5 million from a Redevelopment Assistance Capital Project Grant from the Commonwealth; $1.2 million from the Economic Development Administration; $75,000 from the Appalachian Regional Commission; $1 million from Monroe County; $106,000 from the Pennsylvania State System of Higher Education; $2 million from a Building PA low interest loan; $198,000 from the U.S. Department of Education; and more than $60,000 in legislative support.
When completed, the Center for Innovation and Entrepreneurship will house start-up and anchor tenants in addition to R&D facilities and the ESU Division of Research and Economic Development. The park is located in the Pocono Mountains Keystone Innovation Zone, and will be modeled on successful business incubators such as Ben Franklin TechVentures, a high-tech workspace and community for early-stage companies on the campus of Lehigh University in Bethlehem.
Source: Brenda Friday, East Stroudsburg University
Writer: John Davidson
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Photo: East Stroudsburg University President Robert Dillman signs the finalbeam of the school’s new Center for Innovation and Entrepreneurship. Photo courtesy ESU.