Innovation is an inevitable way to enhance regional competitiveness, promote urbanization and achieve sustainable development. The sci-tech park is one of the main land use types in the construction of a new town and the critical space carriers of urbanization. This study focuses on the correlation between higher education institutions (HEIs) innovation and sci-tech enterprises (STEs) development, and the Hangzhou West Hi-tech Corridor as a case study. Innovation indicators of HEIs related to teaching staff, talent cultivation, scientific research quality, academic influence, and university-enterprise cooperation, as well as development indicators of STEs related to aggregation degree, development level, and innovation level are selected. The results show that HEI innovation is significantly positively correlated with STE development. The number of senior titled teachers, average number of citations per paper, and number of invested enterprises exhibit a strong positive correlation with STE development indicators. Regarding the correlation between HEI innovation and STE development, academic research HEIs and professional application HEIs are stronger than vocational skill HEIs. This study is conducive to improving land use efficiency and a sustainable development level of urban innovative districts. Suggestions are provided to support the researches and practices of urban innovative spatial planning and advancement of the urbanization process.