The Government of the Azores, through the Regional Secretariat for the Sea, Science and Technology, has awarded the construction contract of Terceira Science and Technology Park - TERINOV. It is intended to rehabilitate the old Terra Chã facilities of the University of the Azores with about 5,000 m2.
 
The project includes the creation of an area for business incubation, co-working spaces, six spaces for cultural and creative industries, eight spaces for existing companies, two wings of research and development laboratories for the agri-food industry and research and development laboratories for biotechnology.
 
Moreover, it will also feature a laboratory for innovation in dairy products that will operate as a small plant, including spaces for milk collection, production of cheese and other derivatives, as well as the existence of curing refrigeration and packaging rooms.
 
There will also be administrative spaces, namely meeting rooms a multipurpose room as well as common areas, including a cafeteria and a lounge.
 
In the surrounding area, there will be an area for the installation of greenhouses, a car park and an allotment area for the construction of future buildings.
 
The Regional Secretary for Science and Technology pointed out that this project will "create privileged conditions for knowledge transfer between science and research bodies and the regional business sector."
 
According to Fausto Brito e Abreu, this technology park aims to be "a generator of highly qualified jobs in the areas of biotechnology and agro-food industries." The government official added that, with regard to cultural and creative industries, this space is intended to "create synergies between science and industrial sector."
 
The contract work for TERINOV CITEL was awarded to the company CITEL – Construtora Ideal da Terceira, S.A. It represents an investment over 8.2 million Euros and has a completion period of 18 months after the beginning of the work.
 
This work falls within the Economic Revitalisation Plan for Terceira Island and aims to contribute to the economic development and job creation on this island.