Winstanley Enterprises' 500,000-square-foot New Haven lab tower at 101 College St. Image courtesy of Elkus Manfredi Architects

Winstanley Enterprises’ decision to build their planned New Haven biotech tower on spec could be paying off.

A life science startup with products in clinical trials called Arvinas announced it will lease three of the 10 floors planned at 101 College St., sandwiched between Yale New Haven Medical Center and downtown. The 500,000-square-foot tower, which Winstanley told city officials it could start building this summer, is intended to capture biotech firms spinning off of Yale and its affiliated hospital that would otherwise leave for Boston or New York City.

Arvinas will occupy approximately 160,000 square feet of lab and office space, it said, remaining at its current Science Park location until the building is delivered in 2024.

“Arvinas has experienced significant growth over the last several years as we have led the development of a completely new treatment approach for cancers and other difficult-to-treat diseases,” Arvinas President and CEO John Houston said in a statement. “As a company incubated out of Yale, our commitment to New Haven is strong. We’re proud to continue to be a part of this rapidly growing biopharmaceutical hub and contribute to the continued development of the downtown area.”

The Winstanley project is just one of several life science real estate developments sprouting in the city as biotech becomes one of the hottest growth industries in the country and an area of intense real estate investor interest.