Construction for the first project of Carolina North could begin in the next year, and University officials say the flagship project embodies the mission behind the satellite campus.
The innovation center will be used to help start-up companies that use technology based on University research to flourish. The private-public partnership of the project will be one of many for the Carolina North mixed-use development.
"We believe the innovation center reflects the important aspects of what we're doing with Carolina North," said Tony Waldrop, vice chancellor for research and economic development. "We wanted to put it in a prominent position along front door."
The University's Board of Trustees have approved two possible locations for the 80,000-square-foot facility. The most likely location for the center is near the intersection of Municipal Drive and Martin Luther King Jr. Boulevard.
Plans put Martin Luther King Jr. Boulevard as the main corridor to the satellite campus.
Bruce Runberg, associate vice chancellor for facilities planning and construction, said the University submitted a request for a review of the project to the town last week and will submit an application for a special-use permit under existing town zoning soon. The town's review of the project could take nine to 15 months.
The developer, which will put up the money to build and operate the business incubator, will collect rent from the tenants. The University will work with the developer to identify venture capitalists to fund the growing companies, Waldrop said.
Runberg said the developer is a "premiere nationally recognized developer."