The Olathe City Council signed off on plans for Artio Medical Inc. to build the first structure in its planned three-building expansion.
The building will go on the 18-acre Lot 4 of the Kansas Bioscience Park, located at 107th Street and South Valley Road. The Prairie Village-based company’s headquarters currently are located at 7400 State Line Road, Suite 202.
The first building will be a 56,698-square-foot headquarters and manufacturing facility. The second building will be 133,180 square feet, and the third building will be 50,000 square feet and kick off when construction on the first structure finishes.
The City Council also approved Artio’s request that Olathe issue $30 million in industrial revenue bonds (IRBs) to help with the construction of the headquarters and manufacturing facility and the costs for furniture, fixtures and equipment. Artio will also receive a 10-year, 55% property tax abatement.
The company expects to hire 162 employees alongside the expansion, mostly from the Johnson County area, in management roles, engineering, tech and assembly. The average salary will start at $65,000 then grow to $83,000 by year ten, according to documents filed to the city. The jobs would create $96 million in total new wages to the city over the next decade.
The property is part of a larger, almost 31-acre tract area, and Artio will have right of first refusal in the next seven years for any additional acquisitions for the remaining 12-plus acres north of the site.
The medical device company focuses on developing products to treat peripheral vascular, neurovascular and structural heart diseases. Dr. Nick Franano, a serial entrepreneur, founded Artio, which to date has raised about $58 million in funding. Artio’s success also could spur other companies to locate to the region or inspire clinicians and life sciences professionals to take the leap and become entrepreneurs — which is in line to greater vision Olathe and the Olathe Chamber of Commerce have to attract more companies to the Bioscience Park.
Copaken Brooks is developing the project, which sits at 10900 Clay Blair Blvd. near the KCAS Bioanalytical and Biomarker Services property. St. Louis-based GMA is the architect; ARCO National Construction – KC Inc. is the general contractor; and Schlagel & Associates PA is the civil engineer.
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