World Product Centre To Rise On Copacabana Site: Vast Medical Technology Marketplace To Occupy 1 Million Sq. Ft. |
Extell Development Company To Build Custom-Designed Tower In West Midtown
NEW YORK, Aug. 1 /PRNewswire/ -- World Product Centre LLC today
announced that it has signed a letter of intent with Gary Barnett's Extell
Development Company to occupy a specially designed 1 million square foot
building that Extell will construct to WPC's specifications at the former
site of the Copacabana nightclub at 11th Avenue and West 34th Street. If
all goes as planned, construction for the building will commence at the
beginning of 2009 and be completed by 2012, WPC said.
The agreement gives major impetus -- and adds Mr. Barnett, one of the
city's most active real estate developers -- to an ambitious project aimed
at making New York City the prime center of commerce and innovation for the
$260 billion global market for medical devices and diagnostics. The World
Product Centre is designed from the ground up to reflect the real-world
needs of today's doctors, hospital administrators and purchasing agents in
sourcing, selecting and integrating the latest advances in medical
technology into their patient care facilities-bringing together under one
roof the world's leading manufacturers of sophisticated and innovative
medical devices, diagnostics, equipment and supporting systems.
The letter of intent is a key component of the project because it
allows WPC to begin signing lease/licensing agreements with medical device
manufacturers around the world to establish their presence in the unique
facility, where the healthcare community will for the first time be able to
see, test and determine the interoperability of a complete range of medical
equipment, across all specialties, in one place, at any time. All these
activities, learning opportunities and business transactions will be
facilitated by cutting edge computer technology designed by Hewlett
Packard, making the entire experience user-friendly and seamless.
"This is a major step forward for the World Product Center as the
players in the medical equipment industry now know exactly where our
facility will be and can sign on to be a part of this exciting new
concept," said Israel Green, the entrepreneur behind the visionary project
and chairman and president of WPC. "This is a tremendous opportunity for
manufacturers to reach their prime target audience exactly when they are
the most receptive and focused on sourcing and learning, all in a
customized environment that is specifically designed for demonstration and
education."
WPC will rise on a prime site in west midtown as a major presence in an
area that is experiencing a huge redevelopment boom from Eighth Avenue to
the Hudson River. Across the street from the soon-to-be expanded Javits
Convention Center and adjacent to a planned subway station, the site is
located on the corner of 11th Avenue and 34th Street and is best known as
the former home of the Copacabana nightclub.
"Extell is excited to join the WPC team to develop the building that
will house this very important and visionary concept," said Mr. Barnett,
chief executive officer of Extell. "It fits in very well with the
innovative, exciting dynamic that is occurring in west midtown and will be
a welcome addition to a neighborhood that is on its way to becoming one of
the most active and robust commercial centers in the city. With this
location and the planned amenities, the building can truly serve as a
beacon for the healthcare industry and be a key element in fulfilling WPC's
mission."
WPC will have a major economic impact. It will bring tens of thousands
of doctors, hospital administrators and purchasers annually to New York
City to learn about, interact with and buy the world's most sophisticated
medical equipment. Annually, the general public, broader healthcare
community and the medical industry bring approximately 3 million visitors
to New York City, which will enhance and support visitors to the World
Product Centre. In addition to medical device makers and ancillary support
providers who will mount as many as 2000 permanent displays and
demonstrations of their equipment, the visitors will be attracted by
numerous educational and scientific meetings, as well as ongoing
initiatives aimed at improving connectivity within the health care system
and better disseminating medical technology around the world.
Today's announcement is the latest in a series of milestones that have
moved the project forward over the past few years as Mr. Green has
tirelessly promoted the concept and enlisted the support of a number of key
participants. Medical associations and foundations representing some of the
most device- driven specialties have expressed support for WPC and its
mission.
"We have had extensive conversations with many doctors and hospitals
and they love the idea of improving the process by which they equip their
facilities," said Mr. Green. "Their support will drive this new business
model and make it successful."
SOURCE World Product Centre LLC
back to topCONTACT:
Steve Solomon, +1-212-843-8042, or Cristina
Allen, +1-212-843-8050, both for World Product Centre LLC
