McMaster Innovation Park (MIP), a research facility near McMaster University in Hamilton, has announced plans to build out a 2.5-million square-foot expansion to the McMaster Innovation Park.

The plans include include the redevelopment of an office and production complex on Frid Street—the former home of the Hamilton Spectator newspaper—as well as development of additional assets within MIP's 58-acre innovation park at 175 Longwood Road South. The intent is to build dedicated facilities for innovation, commercialization and entrepreneurship, said the organization.

"MIP helps growing innovation-focused companies with everything they need to get to the next level," said MIP CEO Ty Shattuck. “Our plans are consistent with MIP's aspiration to create the best research park in the world.”

Hamilton’s McCallumSather architects has been chosen as the lead planners and mechanical engineers for the project. Supplementing them are Seguin Engineering (electrical), MTE (civil) and GSP Group (planning).

According to Shattuck, the planned expansion will be four times larger than the Shard tower in London, twice the size of the Chrysler Building in New York City, larger than Toronto's Scotia Plaza and on par with First Canadian Place.

"MIP is filling the equivalent of a bank tower with proven innovators and entrepreneurs and offering them the best environment, support and eco-system to advance and grow their businesses,” he said. “The park will even be carbon neutral thanks to energy expertise resident at MIP."

Once the facility is fully built out, it is expected to employ 5,000 people.

The project costs and construction schedule are unknown at this time.