Plans are underway for a new $60 million Madison headquarters for Exact Sciences Corp., a project that could create more than 200 jobs.
University Research Park is heading up the development of the five-story, 140,000 square-foot building deemed Innovation One, in a business park on Madison’s west side. Company officials are working on a agreement that would have Exact Sciences lease the building, said Scott Larrivee, Exact Sciences spokesman.
The project is receiving government support. The Madison Common Council approved a $2.6 million tax-increment-financing loan for it on Tuesday. The loan would help finance the project’s construction costs and would be paid back through the taxes collected on the completed building.
Larrivee said the new building will be the Exact Science’s corporate headquarters, allowing the company to consolidate some departments that are now spread across three locations.
“They’ll have to get the TIF through, then we would work out a lease agreement with them,” Larrivee said. “Mid-to-late summer, we’ll be in more of a groundbreaking mode.”
It’s the latest in a series of building projects for Exact Sciences, a publicly traded company that developed the Cologuard home-test kit used to screen for colorectal cancer. Exact is also working with Mayo Clinic to develop tests that could be used to detect other kinds of cancer.
In a financial disclosure released on March 31, the company said it had entered into $50.9 million worth of construction contracts and has an additional $256.8 million worth that are scheduled to be completed by the end of 2019. Those project do not include plans for the University Research Park headquarters.
Much of the company’s ongoing construction projects are related to work began last fall to turn the former Spectrum Brands building in southwest Madison into a laboratory to process cancer-screening tests, Larrivee said.
As for the new headquarters, that project will require the construction of both a new street through the campus and a parking structure with 338 underground parking stalls and 134 surface stalls.
Aaron Olver, director of University Research Park, said the Exact Sciences building could be the first in a series of projects that would eventually bring the business park trails, retail shops and other attractions.
“It would unlock some potential future developments nearby,” Olver said. “We’ve updated our covenants so that we can build in a format that’s more conducive to place-making.”
Madison-based Potter Lawson Architects is designing the building. JH Findorff & Son is the general contractor on the project. Olver said the work could get underwy this summer and is expected to take 19 months to complete.
“We’ve been talking with (University Research Park officials) and obviously being a tenant in the research park, we’be been talking about our space needs,” Larrivee said. “It’s been a pretty organic process.”Follow @natebeck9