Around the Region

City will develop ‘Innovation District’

By D.C. Denison
Globe Staff / May 19, 2010

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Boston Mayor Thomas M. Menino told a business audience yesterday that the city intends to develop 1,000 acres on the South Boston Waterfront and the Marine Industrial Park into an “Innovation District,’’ and that the venture capital firm Spencer Trask & Co. will launch a start-up competition in July that will award $25,000 to a business that locates there.

Menino revealed the award during his keynote speech at the Globe’s annual Globe 100 breakfast at the New England XPO for Business conference in the Boston Convention & Exhibition Center.

In addition, Menino said that Spencer Trask would make “a standing $25,000 award’’ to an Innovation District business to help it grow.

The mayor, who was part of a panel discussion on the future of Boston business, also said that he will lead university and hospital presidents and their real estate staffs on a tour of the South Boston Innovation District this summer. During the tour, Menino said he will highlight two specific parcels in the Marine Industrial Park for which requests for proposals will be issued “real soon.’’