Austin City Council Considers Creating Life Sciences District Near the Domain to Support Growing Industry
The Austin City Council is set to discuss the creation of a new life sciences district in the vicinity of the Domain, a move aimed at supporting the rapid growth of the industry in the region. The proposed district will be a mixed-use science and research area, providing the necessary resources for the flourishing life sciences sector in Austin.
The council plans to support an amendment to the North Burnet/Gateway Regulating Plan, which will establish new development and usage regulations for the area. Originally created in 2006, this plan aimed to guide the development of the region and address the challenges posed by Austin’s growth.
Over the years, the North Burnet/Gateway area has transformed from an industrial and warehouse hub into a more diversified mix of residential, commercial, and retail spaces. As the life sciences industry continues to thrive, there is a growing demand for specialized resources in the region.
According to a report by Medtech Connect and Austin Next, venture funding for life sciences in Austin has increased tenfold between 2017 and 2023. The report also states that there are currently over 260 life sciences companies in Austin, employing more than 18,000 people. This represents a remarkable 74% increase in job growth over the past three years.
The field of life sciences encompasses various sectors, including biotechnology, pharmaceuticals, diagnostics, and research. However, a key challenge hindering the industry’s growth in Austin is the lack of adequate laboratory space. In comparison to other leading cities, Austin falls behind, with just 1.6 million square feet of available lab space, while Boston boasts a vast 52.7 million square feet, as highlighted in the report.
The proposed resolution aims to address this issue by facilitating the creation of more lab space in Austin. Dr. Jawad Ali, a surgeon and president of Medtech Connect, emphasizes the importance of this resolution in supporting the industry’s growth. He believes it sends a strong message to the life sciences sector, signaling that the public sector is fully committed to nurturing its progress.
Moreover, this resolution aligns with the forthcoming construction of a new medical center in downtown Austin, which will further enhance the city’s infrastructure to support the life sciences industry. Dr. Ali highlights the importance of collaboration with local partners to ensure that these initiatives effectively address the industry’s real needs.
District 6 council member Mackenzie Kelly, a co-sponsor of the resolution, recognizes the significance of investing in the community for its growth and prosperity. Kelly emphasizes that the resolution, if approved, will contribute to the local economy, improve the quality of life, and promote community engagement. She anticipates that it will attract life sciences, labs, biomedical projects, and more to Austin, making it essential to support the betterment of the community.
In conclusion, the Austin City Council’s consideration of creating a dedicated life sciences district near the Domain reflects the city’s commitment to fostering the growth of this rapidly expanding industry. By providing the necessary resources and infrastructure, Austin aims to position itself as a leading hub for life sciences, further driving job creation and economic development in the region.
