Project
 The East Stroudsburg University (ESU) Center for Research and Economic Development is developing the ESU Research and Technology Park on 11 acres of property owned by East Stroudsburg University (ESU) and located in the Pocono Mountains Keystone Innovation Zone (PMKIZ).
Phase 1 includes the construction of a 51,000 sq. ft. Class A office building on 4.4 acres in Smithfield Township. CFRED will construct a three story, 51,000 sq. ft. (47,750 sq. ft. rentable) Class A Office Building/Computer Security Center as Phase I of the project and plans additional build-out of the Park involving public and private partnerships. The building will included start-up and anchor tenants in addition to R&D facilities and the ESU Division of Research and Economic Development.
Background
The Center for Research and Economic Development (CFRED), a private, nonprofit, 501(c) 3 corporation operated by East Stroudsburg University, secured $2.5M in funding from a Redevelopment Assistance Capital Project (RACP) Grant funded by the Commonwealth of Pennsylvania in addition to federal assistance from the Economic Development Administration ($1.2M), and Appalachian Regional Commission ($75,000) to promote regional prosperity and economic well-being in the East Stroudsburg/Monroe County area of the Commonwealth.
The funding supports economic development initiatives which include the expansion of ESU's award-winning Business Accelerator Program with the construction of a Class A Office Building/Computer Security Research Center to be located within the 11-acre University Research Park. The building will house;
- Additional business accelerator space,
- R&D Facilities,
- Anchor tenant space,
- and offices
In addition, the facility will house the Cyber Crime and Forensic Institute, a project in collaboration with the ESU Center for Research and Economic Development, and East Stroudsburg, Drexel, and Rider Universities.
The economic impact of the Business Accelerator construction project alone is expected to result in:
- Over 254 new jobs;>
- Average wages $47,857;
- and $42.3M into the Monroe County economy
The overall impact of the University Research and Technology Park will be much greater. This project's magnitude will have a profound economic impact on Monroe County, the Commonwealth of Pennsylvania and beyond.
CFRED, ESU and its economic development public and private partners are positioned to develop a University Research and Technology Park that will be the home of:
- Innovative start-up companies,
- Solid anchor tenants
- and high-paying family-sustaining jobs in the areas of homeland security, life sciences/biotech, information technology, healthcare, advanced manufacturing and financial services.
These companies will provide ESU students with challenging career opportunities right here in Northeast Pennsylvania.
In addition to the Computer Security Research Center Building and its programs, a private donor has already expressed interest in building an Environment and Wildlife Health Research Center within the proposed Research and Technology Park. This research center will facilitate the understanding of environmental issues where students, professors and professionals can work in a mutual beneficial and collaborative atmosphere. Other public-private partnerships opportunities have been discussed and will be explored as the park develops.
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