Torrey Pines picks PSL as new home

By ROBERT BARBA AND HILLARY COPSEY staff writers
The city's biotech battles aren't over.
Port St. Lucie and Core Communities President Pete Hegener introduced Torrey Pines Institute for Molecular Studies as a "new neighbor" Wednesday during a news conference at Tradition. The event originally was scheduled with the hope of announcing Burnham Institute's arrival.

Torrey Pines founder and President Richard Houghten and Port St. Lucie agreed on a letter of intent Wednesday morning, even while most city leaders were lamenting the loss of Burnham to Orlando.

"We know you'll love it here," Hegener told Houghten and his family at the news conference that afternoon.

Mayor Bob Minsky gave Houghten a key to the city and other council members gave flowers to his wife, Pam, and daughter, Lacy.

But later in the day, Palm Beach County officials — who have been negotiating with the La Jolla, Calif.-based Torrey Pines — said they don't consider the deal to be done.

Port St. Lucie's letter of intent is a tentative agreement to move Torrey Pines' headquarters and two spinoff companies to a 20-acre campus in Tradition. The deal still must be approved by the research center's board of directors. The move would bring 189 jobs over the next decade, officials said.

The letter of intent is not binding, said Carla Brown Lucas, vice president for marketing of the Business Development Board of Palm Beach County. Torrey Pines still could land in Boca Raton, she added.

"We're still a player," Lucas said. "This game is not over yet."

Although it's true the agreement is not binding, Hegener said he felt confident Torrey Pines' directors would approve it.

"We've met every one of (Houghten's) conditions," Hegener said. "His quote to me was, 'This is acceptable.' His direct quote to me was, 'We're not shopping this and we would not do that.'"
"He came here with his wife and family," Hegener added. "I take him at his word."

Houghten did not answer questions at the news conference because the deal still awaits his board's vote.

Torrey Pines began shopping for options outside of Palm Beach County in July because of ongoing tensions with county officials, said Larry Pelton, president of the Economic Development Council of St. Lucie County. Enterprise Florida, the state's economic development agency, asked Pelton to assemble an offer for Torrey Pines.

"We have ... a very supportive public sector," Pelton said, "and a very supportive and aggressive private sector."
Port St. Lucie's incentive package, though still being negotiated, is comparable to Palm Beach County's $70 million offer, City Manager Don Cooper said. Both packages include state cash, donated land and public money.

Florida Atlantic University President Frank Brogan has promised Torrey Pines $6.5 million no matter where it locates. As part of the FAU offer, Torrey Pines would have 15,000 square feet of lab space at the school's marine science center at Harbor Branch Oceanographic Institution as its temporary headquarters.

If the research center comes to Port St. Lucie, a $6 million private endowment intended for Burnham also could be transferred to Torrey Pines.

"We already had plans for Burnham," Vice Mayor Patricia Christensen said. "We just have to rework the numbers and fill in the blanks with Torrey Pines. It'll happen a lot sooner. It'll go very quickly now."

Houghten has said he must have a finished deal by Sept. 5 to secure $30 million in incentives from Florida.

The city is ready to fast-track Torrey Pines' move to the region, City Council members said. Although disappointed to lose Burnham, city officials agreed with Sen. Ken Pruitt, R-Port St. Lucie, who lauded Torrey Pines as a great start to the "Research Coast."

As for a possible counter-bid by Palm Beach County, city officials said they aren't worried.
"We have a letter of intent," Councilman Jack Kelly said. "They don't."