GlobeSt.com UPDATE: SF Picked for Stem Cell Institute HQ

SAN FRANCISCO-The California Institute for Regenerative Medicine will disburse $3 billion in research dollars over the next 10 years from its new permanent headquarters at 250 King St. Downtown. A Fresno-based independent citizens’ oversight committee made the decision Friday afternoon. The Institute’s temporary headquarters is in Emeryville, CA.The Institute was established in 2004 with the passage of Proposition 71, the California Stem Cell Research and Cures Initiative. The Institute’s headquarters is expected to house approximately 50 employees and serve as the central location from which the organization will administer grants and loans for stem cell research, research facilities and other vital research opportunities. Prior to the selection of CIRM’s permanent headquarters, the oversight committee accepted bids from Emeryville, Sacramento, San Diego and San Francisco for consideration. Based on a scored evaluation of the cities’ written proposals and site meetings, the committee recommended San Francisco as the finalist, and Sacramento as the runner-up for CIRM’s permanent headquarters. Because San Diego’s combined score was within one point of Sacramento’s total, each of the three cities was asked to make a 10 minute presentation before the ICOC in Fresno prior to Friday’s final vote. San Francisco’s selection was approved by a majority vote of the oversight committee. The decision was based on the final presentations made by San Francisco, Sacramento and San Diego at the meeting as well as the recommendations put forward by the ICOC’s Site Selection Subcommittee. The bid requirements called for 17,000 sf of low- or no-cost office space to be provided for 10 years, at least 40 spaces of free parking and low-cost meeting and hotel facilities. Other of the “minimum requirements” include being located within 45 minutes of an international airport and within one quarter-mile of public transportation.As part of San Francisco’s bid, Stockbridge Capital partners offered to provide 20,000 sf of new office space at 250 King St., across from SBC Park in Mission Bay, and provide it turnkey and free of charge to the institute for 10 years. In addition, Joie de Vivre Hospitality and Kimpton Hotels offered more than 2,500 free room nights and additional 14,000 discounted room nights valued at $1 million, and Gensler Architects and general contractor Hathaway Dinwiddie also are offering free services. As part of the package, the City of San Francisco is offering to link the institute to its fiber optic network and provide free or low cost lab and conference space on the San Francisco General Hospital campus. GlobeSt.com reported last week that the oversight committee had narrowed its choice to San Francisco, Sacramento and San Diego. San Francisco was scored by far the highest upon evaluation, with Sacramento and San Diego all but tied for Second. The institute is expected to open its permanent headquarters in July.