MADISON -- The University of Wisconsin Research Park is looking to expand, and officials are eyeing a historic property on Madison's East Side.

VIDEO: Watch The Report

The new urban research park would be housed inside the Marquip Building, a Madison landmark that has been vacant for more than five years.

"Some would say, 'Why here in this location?'" said Mark Bugher, director of the research park. "First and foremost, it's close to the UW campus, close to the (Madison Area Technical College) campus. It's a vibrant edgy neighborhood."

"We wanted something that didn't require a lot of extensive new building," said University of Wisconsin Chancellor John Wiley. "Something that we could almost just move into so that we could accommodate what we expect is an explosion of demand for small start-up space not exclusively, but probably primarily, for student originated companies."

The space is nearly move-in ready, with only minor changes needed, officials said. The renovation of the building, which is scheduled to begin this summer, marks the university's first investment on the east side.

The school is leasing only a small 6,000-square-foot portion of the 236,000-square-foot building, but officials said they are ready to expand if the space fills up.

The park will serve as an incubator for 10 high-tech business suites, make room for medical and life sciences companies, and is designed to keep the best and brightest minds coming to Madison, WISC-TV reported.

The goal is to attract start-up technical and engineering businesses closer to campus, and tenants are expected to move in as early as next year.

Still, it's not just industry that could benefit from this new research park. Many are hoping that it will bring more business to an area that needs it and revitalize the East Rail Corridor.

"When you drive up and down (East Washington Avenue), it's like a ghost town," said Randy Knudson, president of Scooter Therapy Inc. "It's sad that all these huge buildings are vacant."

While business is good for Knudson, news of new neighbors is something he and city officials welcome gladly.

"I think we need all the new blood that we can get in this part of town," said Knudson. "Getting some of those buildings filled, making the boulevard a little bit more attractive, and having some new jobs is certainly going to be an advantage."

The east side is often overlooked where Madison's high-tech sector is concerned, and people often use East Washington Avenue only as a way through town. Madison Common Council Member Marsha Rummel said the new research park will help bring about a change.

"It's like the rebirth of an old industrial corridor into its new use for the future," said Rummel.

Madison Mayor Dave Cieslewicz said the new research park would offer a different vibe from the current facility, which occupies a more pastoral setting.

"The current one is a tremendous facility," Cieslewicz said, "but it's kind of a pastoral setting. It's a different kind of setting which is very attractive to a lot of businesses, but there are some businesses that are more attracted to the real urban setting."

The university said it's unclear how much the project will cost, but that the school is ready to pay whatever is needed to get the park up and running.