Project Jupiter
OVERVIEW
KMK Consulting (KMKC) was engaged by Medpace, a scientifically-driven, global, full-service clinical contract research organization (CRO), to help maximize their investment and secure incentive support for their $150M expansion project. With operations in 40 countries across six continents, the company continues to innovate and grow at a rapid pace, requiring a comprehensive market analysis to help determine where best to expand as they considered Texas, Colorado, and Ohio.
CHALLENGES
The Company plans to hire aggressively, creating 1,500 high paying jobs coupled with making a significant capital investment of $150 million within the next five years. The investment would require an expansion of 250,000 square feet. Completing a comprehensive market analysis on real estate availability, quality and available workforce, state and local government incentives, and public financing were all essential in influencing the company’s final location decision.
The aggressive hiring effort would not only require additional office space, but the increase of 1,600-stall parking spaces. Understanding the full scope of the project required effective state, regional and local collaboration.
OUTCOMES
In the end, Medpace would review all of the factors in their expansion decision and elect to grow their existing headquarters in Cincinnati, Ohio. This would be the second largest expansion project in Cincinnati region’s history. The company also expects to considerably exceed initial commitments. The project will increase their global headquarters by 80%. KMKC pursued and secured incentive support from both state and local governments in partnership with the company. Total incentive support was inclusive of traditional grants, tax credits, and public financing but also reflective of new unprecedented programs to support this once in a lifetime opportunity. This would be the third major campus expansion by Medpace that KMKC has supported.