New apartment housing project east of The Hormel Institute
With a growing demand for rental housing to support The Hormel Institute’s current and future cancer research scientists, a new apartment housing project is announced for the neighborhood to the east of The Hormel Institute, University of Minnesota in northeast Austin. The Hormel Institute is currently undergoing a major expansion that will double its existing size and includes a promise of 120 new faculty and staff hired over the next few years.
“With 90% of The Hormel Institute’s current scientists living and working in Austin, adding another 120 scientists will only increase the expected demand for rental housing which is why The Hormel Foundation approved this project,” said Gary Ray, Chair of The Hormel Foundation. “Cancer researchers have non-traditional work hours and the easily accessible ‘Science Park’ complex will serve to support cancer research and provide a quality living experience for them in Austin.”
The number of The Hormel Institute’s faculty and staff doubled in size with the 2006-2008 expansion and tripled its number of cancer research lab sections (from 5 to 15). With 15 new labs and 5 core instrument labs currently under construction, The Hormel Institute will add up to 15 new research sections and approximately 120 new faculty and staff jobs over the next few years.
Science Park Housing LLC, a wholly owned subsidiary of The Hormel Foundation, will own the 42-unit facility called “Science Park Housing” and it will be managed by a new local business, Innovative Housing Concepts. Joseph Construction is the builder for the three-story project that includes 30 one-bedroom units, 11 two-bedroom units and one four-bedroom quad. The RSP designed plan will blend The Hormel Institute’s current cancer research center design creating a “Science Park” that includes reception area, property management office and a common residential lounge space, along with an outdoor plaza for tenants and their families.
The project will begin construction in May with occupancy to begin spring of 2016.