Morristown, Tenn. - (April 20, 2010) - Tower Investments LLC, a Calif.- and Tenn.-based real estate investment and development firm announced today the sale of the former Universal Furniture building to CMH Set and Finish, Inc.

 

The 613,112-SF facility is situated on 35 acres on East Morris Blvd. in Morristown.

 

We're still somewhat short on details concerning what the Elk Run biotechnology center in Pine Island will look like, but at least we know that access won't be a problem.

 

The Minnesota Department of Transportation demonstrated the state's confidence in the project's viability last week when it designated $14.5 million for a new interchange at County Road 12 and U.S. 52, which will provide a direct link to Elk Run's 2,300 acres.

 

More money needs to be raised, as the interchange will cost about $35 million, but this announcement is a solid good-faith gesture to Tower Investments and venture capitalist Steven Burrill, demonstrating that Minnesota wants Elk Run to succeed and is willing to put up its share of money to see that it does. Thousands of jobs are at stake, both during the construction process and after the biotechnology businesses are up and running. [excerpt from Rochester Post-Bulletin]

The main investor behind an ambitious bioscience center near Rochester says he will complete a $1 billion fund to back the project by the end of the year.

 

In an interview with the Star Tribune Thursday, San Francisco-based biotech investor Steven Burrill also said developer Tower Investments is close to securing millions of dollars in federal stimulus money to construct an interchange to connect Hwy. 52 to the Elk Run facility in Pine Island, Minn., just north of Rochester. [excerpt from Minneapolis-St. Paul Star Tribune]

You may have never heard of Tower Investments, but it’s becoming a major player in Nashville projects. Since 2004, the company has purchased almost 20 properties in Tennessee and made Nashville the site of the company’s second office. WPLN’s Christine Buttorff talked with Alex Marks who runs the Nashville branch of Tower Investments. [excerpt from Nashville Public Radio]

PINE ISLAND – Biotechnology development really is coming to Pine Island.

 

The developer of the Elk Run biotechnology project has given Pine Island $950,000 – and the state has matched that amount – to complete second-phase utilities installation, add a water retention pond at the biobusiness park, and construct a sanitary lift station.

 

“Tower Investments’ funding announcement comes on the heels of this week’s recognition by the online industry site Fierce Biotech, which named Minnesota the region in North America most likely to ‘spark a burst of new biotech activity,” says an announcement from Tower. “The publication cited Elk Run as a ‘trendsetter’, touting the development’s ‘potential to breed or expand biotech clusters’ thanks in large part to Tower Investments’ partnership with industry icon G. Steven Burrill and the developers’ ability to get creative during this economic downturn.”

 

[…]

Derek Jellison was an active, healthy 4-year-old when he was diagnosed with a non-malignant, inoperable brain stem tumor in 2002 that would slowly rob him of his ability to walk and may eventually take his sight and his life.

 

At 11, Jellison, a Redding fifth-grader, said he wanted to leave behind something long after he’s gone that will help other children with disabilities enjoy the outdoors — as he has done the past three years at the annual Field of Dreams. [excerpt from Colusa County Sun Herald]

The Elk Run biobusiness park has a big new backer.

 

Mayo Clinic CEO Dr. Denis Cortese on Tuesday threw Mayo’s support behind the 2,300-acre project planned in Pine Island.

 

“We’re just supporting it in any way we can, because we see a real benefit down the road,” he said.

 

Cortese made his remarks at the city-county Government Center, seated with a group of proponents of Elk Run.

 

Elk Run would serve as, among other things, an incubator for startup biotechnology businesses.

 

[…]

 

The business environment, as bad as it appears nationally, is favorable for a Midwestern project like Elk Run, planners said.

 

“There’s such a concentration on the cost of doing business nowadays,” said John Pierce, vice president of Tower Investments, the California-based company developing Elk Run.

 

“We’ve gotten a lot of interest (from biobusinesses), because, frankly, we may be a lot more competitive from a cost standpoint,” he said.

ASHEBORO — A Randolph County apparel maker that specializes in jeans, military garb and backwoods firefighting uniforms is leasing a $1.2 million former Hanesbrands plant as part of a relocation that could create up to 200 new jobs.

Fox Apparel, whose best-known brand is Texas Jeans, recently signed a three-year lease for the 168,000-square-foot plant with an option to buy, said Jordan Reece, a broker with Triad Commercial Properties in High Point. Reece represented the building’s owner, Woodland, Calif.-based Tower Investments LLC.

Harry Lane, with the Randolph County Economic Development Corp., confirmed the company’s relocation plans and potential for new hires.