UD to add fintech building on STAR campus, bringing together students, private businesses
With construction nearly complete on two state-of-the-art buildings, the University of Delaware is once again preparing to expand its Science, Technology and Advanced Research Campus.
Thursday, the university announced plans to construct a six-story, 100,000 square foot financial services technology building. It will bring together startups managed by Delaware Technology Park and labs and research centers for the university's business and engineering schools.
"Combining our expertise and resources in these complementary fields will yield exciting opportunities for our students and faculty with meaningful impact on society," UD President Dennis Assanis said in a statement.
The fintech building is the latest in a series of developments since UD purchased the former Newark Chrysler plant in 2009.
A $156 million biopharmaceutical building, expected to open in 2020, will be next to the fintech building. Chemours' research headquarters, a 312,000 square-foot building, is also expected to open on STAR Campus next year.
STAR Campus is currently home to the 10-story STAR Tower, fuel-cell maker Bloom Energy, the UD Health Sciences complex and the headquarters for the technology company SevOne.
Like other buildings on the STAR Campus, UD will lease space from its partner, Delaware Technology Park.
Slated to open in 2021, the $38 million building will be owned by Delaware Technology Park and funded through a favorable below-market interest rate loan from Discover Bank, which is also a partner in the project.
Delaware Technology Park launched in 1992 in a single building off Wyoming Road in Newark as a partnership between the state, UD and the private sector. Today, the park consists of five buildings with about 50 startup companies.
The company expanded to STAR Campus with an incubator space in the redeveloped former Chrysler building with SevOne in 2016.
Since its inception, Delaware Technology Park says it's helped create 16,000 jobs through the 25 companies that have graduated from the park.
Discover Bank is working with UD on research related to cyber technologies, consumer data analytics, applications and behaviors.