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CORTEX Developer Partnership  CORTEX,
the Center for Research Technology and Entrepreneurial Exchange, is a
consortium of five St. Louis institutions — Washington University, BJC
HealthCare, St. Louis University, the University of Missouri-St. Louis,
and the Missouri Botanical Garden — that was established to redevelop 185
acres in central St. Louis for commercial biotech research and other
related uses. In 2011, CORTEX retained KBA to evaluate a proposal from a
national developer to acquire and refinance a CORTEX-owned research
building, as well as develop additional sites within the consortium’s
boundaries. KBA reviewed the developer’s proposal and conducted a best
practices evaluation of alternative development models and transaction
structures. In addition, KBA visited and spoke with leadership at other
academic institutions that had partnered with this developer as part of a
comprehensive due diligence analysis. After analysis of the developer
proposal, KBA provided the CORTEX Board with a recommended alternative
development approach and negotiating strategy.
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