Maryland Commerce Approves Rise Zone Around UMBC's Tech Park

6/5/17

RISE Zones are designed to spur economic development and job creation

The Maryland Department of Commerce has approved a Regional Institution Strategic Enterprise Zone, or RISE Zone, around the University of Maryland, Baltimore County’s research and technology park, known as bwtech@UMBC. The new zone will help enhance bwtech’s mission to support established companies, provide incubator and accelerator services to emerging companies, and help university researchers commercialize their work. UMBC hopes to use the five-year designation to support adding 100,000 square feet of space to lease to technology-related businesses, a project the university expects will create approximately 250 high-tech and cybersecurity jobs. The new development will take two to five years to complete and result in a capital investment of up to $20 million.

“This new enterprise zone will help further UMBC’s goal of spurring research, supporting entrepreneurs and start-ups, and helping to grow our region’s high-tech companies,” said Governor Larry Hogan. “Strengthening Maryland’s innovation economy is a one of our administration’s top priorities, and this designation is yet another important tool to attract businesses and create jobs that will benefit our entire state.”

“UMBC has grown into a major research university over the past 50 years. During that time, bwtech@UMBC has become UMBC’s primary means of encouraging business development and a critical asset in the university’s technology commercialization efforts,” said Freeman Hrabowski, president of UMBC. “A RISE Zone designation will allow us to continue to attract partners to assist with additional research park development.”

The UMBC Rise Zone covers 71 acres and include the two parcels that make up bwtech@UMBC. The research park, which is the university’s primary vehicle for business development, currently leases 525,000 square feet of space to 125 businesses, most of which are in the technology sector and employ roughly 1,450 people.

“bwtech@UMBC is one of Maryland’s premiere centers for cybersecurity, biotech and infotech entrepreneurship. RISE Zone designation adds more benefits for innovation companies locating and growing at UMBC,” said Baltimore County Executive Kevin Kamenetz.

“The Maryland Department of Commerce is pleased to designate this RISE Zone to help bring even greater economic opportunity and investment to this area,” said Secretary Mike Gill. “bwtech@UMBC has been one of our most popular campuses for high-tech companies looking to expand, network, and find highly-qualified workers, and this designation will help them grow their footprint and attract additional companies that they otherwise wouldn’t be able to accommodate with their current space.”

The RISE Zone program was established to leverage the economic development potential of Maryland’s higher education institutions. A business concierge at Commerce is available to help businesses in the zones identify other Maryland incentives and programs from which they could benefit, and to assist with permit and license applications. The RISE Zone designation lasts for five years.

About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.

Connect with these Baltimore Professionals on LinkedIn

  • Edwin Warfield

    Editor in Chief, Warfield Digital

    Connect
  • Jean Halle

    Independent Consultant

    Connect
  • Larry Lichtenauer

    President of Lawrence Howard & Associates

    Connect
  • Newt Fowler

    Partner at Womble Carlyle, LLP

    Connect
  • David Crowley

    Owner at Develop DC

    Connect
  • Carolyn Stinson

    Stinson Marketing Group

    Connect