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McMaster Innovation Park (MIP) has announced plans for a major expansion of its west Hamilton research facilities.

CEO Ty Shattuck confirms that MIP is the buyer of the Hamilton Spectator building and has plans to transform the six-acre Frid Street property into a “Life Sciences Innovation Megahub.”

Shattuck says they’ll be targetting companies “that have gone through the start-up phase and truly have traction” with the goal of being the home for those “graduated start-ups in the life sciences, which are in the high growth phase.”

Right now, he says there’s a lack of places for those companies to grow into, which forces them to leave Hamilton and even southern Ontario.

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About 800 people currently work out of 700,000 square feet of space within McMaster Innovation Park.

Shattuck expects those numbers to grow to 5,000 people and 2.5 million square feet by the time it is fully built out.

MIP is dedicated to innovation, commercialization and entrepreneurship and supports companies in life sciences and biotechnology, advanced materials and manufacturing and information and communications technology.

Torstar Corporation announced last month it had an agreement to sell the land and building at 44 Frid St. for $25.5 million.

A leaseback agreement will allow the Hamilton Spectator and its employees to stay put until a new location is found.