Case enters into exclusive negotiations with Forest City as developer for the west quad
Case Western Reserve University School of Medicine and Forest City Enterprises have signed an exclusive, 90-day conditional designation agreement to develop program and financial terms for the development of Case's new West Quad campus. Forest City was chosen by Case from a pool of six national developers. In addition to Forest City, developers responding to the School of Medicine's request for qualifications included Higgins Development Partners, Hines, Slough Estates USA, Spaulding & Slye in partnership with Colliers International and Townsend Capital.
With this agreement, the School of Medicine will exclusively negotiate with Forest City the business and legal terms of this project. If these negotiations are successful, at the end of this 90-day period the parties will execute a formal Memorandum of Understanding, clearly outlining the terms of the final development agreement.
Ralph I. Horwitz, M.D., dean of the School of Medicine, said, "We were highly impressed with the ideas proposed by Forest City and the company's depth of experience in the development of university-affiliated biomedical research parks."
Gayle Farris, President of Forest City's Science & Technology Group said, "We are very grateful to Case for this opportunity to work with them towards developing a vision for the West Quad Campus that will build upon the strengths of Case's academic prowess and its partnership with Cleveland's leading medical institutions to establish a cluster for life science research and development."
The West Quad, site of the former Mt. Sinai Medical Center and already home to the Cleveland Center for Structural Biology, is a 14-acre parcel owned by Case. The university seeks to develop the West Quad into a mixed-use campus and research park with up to 2 million square feet of laboratory and office space dedicated to transformative research in individualized genomic medicine and the quantitative biosciences. The West Quad will also be home to joint research projects and education programs with the Cleveland Clinic Foundation, University Hospitals of Cleveland, the Louis Stokes Cleveland Department of Veterans Affairs Medical Center and MetroHealth Medical Center.
The West Quad will make Cleveland a national leader in a new wave of medical care and research focused on developing individualized medical treatment based on the patient's genes, proteins and disease susceptibility.
Further, the research and programs planned for the West Quad will be a source and driver for significant economic development in this region.
Forest City Enterprises, Inc. is a $7.4 billion NYSE-listed national real estate company. The company is principally engaged in the ownership, development, acquisition and management of mixed-use projects, retail centers, apartment communities, office buildings and land development projects throughout the United States.
About Case Western Reserve University
Case is among the nation's leading research institutions. Founded in 1826 and shaped by the unique merger of the Case Institute of Technology and Western Reserve University, Case is distinguished by its strengths in education, research, service, and experiential learning. Located in Cleveland, Case offers nationally recognized programs in the Arts and Sciences, Dental Medicine, Engineering, Law, Management, Medicine, Nursing, and Social Work. http://www.case.edu.