Minister of Infrastructure Prasad Panda approved a 130-year lease for the University Innovation Quarter lands at the University of Calgary, officially transferring all ownership of the lands to the University Innovation Quarter Trust (UIQT). The trust will develop the 77.4-acre lands, formerly known as the University Research Park.
Now, the University of Calgary will establish the new University Innovation Quarter (UIQ) – a research park dedicated to commercializing innovation and new technologies from university research and attracting new research-oriented industries to Alberta. The UIQ will support the creation of up to 6,300 direct new jobs over the next 20 years, including 4,500 jobs in the private sector. Many of the jobs created will be in emerging sectors of the economy, including biomed and life sciences, IT and energy tech.
Formerly known as the University Research Park, the Trust will now use the 77.4 acres to expand the university’s existing student learning spaces dedicated to innovative research, scientific investigation and knowledge sharing.
“I am pleased to enable the growth of a research park that will ignite more innovation in Alberta. The Alberta Recovery Plan is working and will attract a workforce armed with the skills and knowledge to improve and diversify the economy.”
The University of Calgary will have full ownership of the academic programming that takes place within the Innovation Quarter, and Innovate Calgary – the university’s business incubator – will play a major role connecting private firms with the university’s researchers to support the commercialization of their projects.
“The University of Calgary is already a global hub for excellence in innovation – and this development will greatly expand on its research and entrepreneurial successes. I look forward to seeing the incredible opportunities that grow out of the University Innovation Quarter ecosystem and the resulting contributions to Alberta’s post-secondary system and economy.”
“Building a strong innovation and research ecosystem for our post-secondary institutions is critical to encouraging Albertans to think outside the box and develop entrepreneurial mindsets. Supporting the world-class researchers at the University of Calgary in building an Innovation Quarter means our future job creators will be set up to compete on the world stage.”
“The University Innovation Quarter is a critical component of the University of Calgary’s comprehensive innovation ecosystem. It will support the commercialization of university research and help attract new tech and research-oriented companies to Calgary. It will also provide work-integrated learning and internship opportunities for our students, connecting them directly to industry and employers. UIQ will help diversify Alberta’s economy, attract new investment and create new jobs in Calgary.”
The Investment and Growth Strategy is part of Alberta’s Recovery Plan – an ambitious long-term strategy to build, diversify, and create tens of thousands of jobs, now. By building schools, roads, and other core infrastructure, we are benefiting our communities by putting Albertans back to work. By diversifying our economy and attracting investment with Canada’s most competitive tax environment, we are putting Alberta on a path for economic growth. Alberta came together to save lives by flattening the COVID-19 curve and now we must do the same to save livelihoods, grow back our businesses, and thrive as a province.