A planned “startup incubator” in Oakland will support not only University of Pittsburgh life sciences startups, but companies from across the region, Pitt officials said.
University trustees Friday approved plans to renovate the university-owned property at 3343 Forbes Ave. into a facility for life sciences and technology companies.
The renovation will include “wet labs,” where scientists can conduct experiments involving liquids, as well as office space and new scientific equipment for early-stage companies, said Jeffrey Martchek, chairman of the trustees’ property and facilities committee.
The facility is intended to support innovation and help Pitt startup companies bring new technologies and products to market, Martchek said.
“We are doing this because we want to support Pitt startups, but this is a regional play,” said Rob Rutenbar, vice chancellor for research. “I would like Penn State’s startups to come here, I would like Ohio State’s startups to come here. We think the strength of the life sciences ecosystem here is a big enough draw that if we build it, we think they will come.”
Rutenbar thinks the facility’s location in Oakland, near hospitals and the university, will be a draw to potential startups. He also said the incubator will help with affordability and accessibility for startup companies, as wet labs and other life sciences equipment is expensive.
The incubator will make Pitt more attractive as it recruits high-quality faculty members, Chief Financial Officer Dwayne Pinkney said during a facilities committee meeting Monday.
The city, as a whole, is trying to grow its economy in technology advancements. That’s all the more reason why the facility is necessary, Pinkney said.
“Incubators play a really critical role in supporting that kind of ecosystem,” he said. “This is, in many ways, our opportunity — some would suggest our responsibility — to lean into this work. It’s an expectation of a university like ours.”
Trustee SaLisa Berrien applauded the move.
“This can not come fast enough,” she said Friday. “When I, as a tech founder, look at the ecosystem, you’re looking at universities you can partner with in order to accelerate your technology. We are best positioned to do that here.”
Work on the facility is expected to start later this year, Pinkney said Friday. The facility is expected to open in 2028.
The building is 26,000 square feet. Total estimated cost for renovation is $25 million.
Trustees also approved an addition and renovation to Alan Magee Scaife Hall, which primarily houses the School of Medicine.
The project adds an 11,500-square-foot addition to the building, and also includes repairs to its DeSoto Street entrance and plaza, where water had led to portions of the structure deteriorating, Martchek said. It also replaces electrical systems and repairs the roof.
Total costs are expected at $56 million.
