Vision: Cryomech is a Syracuse-based company that manufactures high-performance cryogenic equipment used in field such as quantum computing, aerospace and medicine. In late 2018, having outgrown its existing location, and unable to receive needed additional electric power, Cryomech enlisted VIP to develop, design, and build a new facility.

Process: VIP’s integrated team helped Cryomech quantify its current and future needs for space and electrical power, developed site selection criteria, and rigorously evaluated potential sites in conjunction with the utility company. Once a site was selected, VIP:

• Designed the site and facility
• Obtained the right-to-build & Purchased the land
• Identified and obtained economic development incentives including relief on sales tax, property tax, and income tax, grant funding, and eligibility for low-cost power
• Secured equity investors and financed the project
• Constructed the facility

Two of the facility’s most important characteristics are its expansion capability and its complex, highly specialized mechanical, electrical, and plumbing systems.

Results: VIP’s integrated design-build-lease delivery model saved Cryomech both time and money. Hiring VIP to handle the real-estate development enabled Cryomech to stay focused on its business. The design-build methodology enabled VIP and Cryomech to enter into a lease agreement at a relatively early stage in the design process which allowed construction to start and end sooner.VIP ultimately delivered the building ahead of schedule. Leasing the building rather than owning it enables the company to retain capital for business needs. Throughout the design process, VIP informed Cryomech’s decision making with cost information and impact lease rates. VIP ultimately delivered the project at a lower lease rate than originally anticipated. In its new facility, Cryomech manufactures more product in less time, continues its amazing growth trajectory, and enhances its position as a global front runner in the research, development, and production of cryogenic equipment.