Eastern Shore Innovation Center nearly 100% leased. Dorchester Regional Technology Park lots for sale.
Small businesses and entrepreneurs on the Eastern Shore can be excited about progress made by the Eastern Shore Innovation Center and the Dorchester Regional Technology Park. The Innovation Center, which opened in March of 2016, has hit a milestone with 12 business taking residence in the incubator — a 92% occupation rate. Additionally, the Tech Park has completed an assessment that will allow for lots to be sold to businesses looking to expand.
As announced by Dorchester County Economic Development:
Dorchester County Economic Development announced the completion of a fair market value (FMV) assessment for 12 building lots at the Dorchester Regional Technology Park, a critical milestone allowing the county to sell land to expanding businesses. The market analysis was completed less than a year after the Eastern Shore Innovation Center (ESIC) opened and in conjunction with the County’s announcement that the 13,250-square-foot incubator is almost 100% leased.
“We identified the total market value of the property at $1.28 million based on land plus site improvements including utilities, sidewalks, signage, and high speed broadband fiber,” said Mrohs. “Public utilities enhance the range of uses and drainage easements are already in place.”
The 113-acre Technology Park consists of 56 improved acres and approximately 57 acres for storm water management, forest conservation, and a water tower site. Lots vary from 2.26 to 5.5 acres and average 4.7 acres.
Banks said there are a number of features and benefits that make the technology park valuable. All lots are turnkey and connected to public water and sewer. They contain high-speed broadband access. Zoned for light industrial use and two miles off of Route 50, the site is outside of a flood hazard area and contains no environmental issues.
The Park is located in Cambridge, just south of Route 50 – a major thoroughfare between the Eastern Shore of Maryland, Baltimore, and Washington, DC – and across from the Cambridge-Dorchester Regional Airport.
“Now that the Council has approved a sale price starting at $23,000 an acre, we will immediately implement an aggressive marketing plan to identify and reach out to prospective users,” said Banks.
HUBZone is a Small Business Administration program designed to attract investments, business development and employment in economically distressed areas. The program incentivizes federal contracting. Businesses that become HUBZone certified must place their principal office in a designated location; Dorchester has countywide HUBZone status.
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