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• W2208886577 abstract "A Food Innovation Center (FIC) is an enclosedcommercial space comprising a mix of complementary uses pertainingto locally-operated food growing, production, processing, testing,distribution, and sale. These uses include indoor vertical farms,commercial shared-use kitchens for start-up food businesses,rooftop greenhouses, food halls with local, artisanal vendors, andfood-related R&D space, among others. While literature existson the demand for locally produced food, there is still a gap inthe industry's knowledge about the financing environment,development costs, and overall rate of success that FICsexperience. The research presented in this thesis is intended toprovide an overview of existing Food Innovation Centers via data onacquisition, construction, operations, and returns of individualprojects. Does the FIC product innovation add value to urbanindustrial real estate, and is the FIC a feasible model,financially and economically, for industrial development? Surveyanalysis of 62 FICs and six in-depth case studies show that FICsare more prominently featured in commercial rather than industrialspace and operate on a business model in which a developer owns theproperty but leases to individual tenants operating one of the FICbusiness components. Financing largely comes from the philanthropicsector, and some of the most ambitious FICs have partnered withmunicipalities to identify publicly owned land for a nominal groundlease to the city or below-market acquisition. Overall, the FICproduct type is still under development, and more must be learnedabout the lease structures within the PC to generate more robustunderwriting standards that will better attract commercialinvestment. The most proprietary component of FICs are indoorvertical farms, for which the technology supporting the farmsystems is still very much in the nascent R&D phase and not yetprepared for commercial diffusion. FICs do, however, have theability to impact urban residents who lack access to healthy food.Through procurement, distribution, and wholesaling operations thatcan take place at FICs, regional small farmers can more easily gettheir produce into an urban area for distribution to residents.Incubator kitchens can provide cost-effective means for urbanresidents to test their own business models in the food andbeverage manufacturing industry, and the roles that FICs play inhosting public events increases the connection between consumersand the food they eat. FICs generate economic growth through theirability to launch small businesses and create stronger and moredirect supply chains between farmers, producers, wholesalers, foodand beverage providers, and ultimately theconsumer." @default.
• W2208886577 created "2016-06-24" @default.
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• W2208886577 date "2015-01-01" @default.
• W2208886577 modified "2023-09-27" @default.
• W2208886577 title "The economic and financial feasibility of food innovation centers" @default.
• W2208886577 hasPublicationYear "2015" @default.
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