Illinois Institute of Technology seeks to redevelop 3 city blocks of its property into an urban research park. The site is envisioned as an integrated life sciences research and development complex, serving start-up companies, graduate companies seeking additional space and offices and laboratories of existing companies that work with the university. IIT and the University of Chicago are in the process of working together to meet the needs of Chicago's growing life sciences industry and as the focal point for economic growth and jobs on Chicago's south side. Thus, over the next five years, the University fully expects this area to become one of the most exciting development areas in the city.