New Haven OKs 47K SF Bioscience Building
Life science real estate may be struggling nation-wide thanks to a slowdown in new funding for biotech startups tied to high interest rates, but that’s not stopping one New Haven developer.
Life science real estate may be struggling nation-wide thanks to a slowdown in new funding for biotech startups tied to high interest rates, but that’s not stopping one New Haven developer.
Yale University will be the other major tenant in a 525,000-square-foot tower set to rise in downtown New Haven.
New Haven’s City Plan Commission has given its assent to a 500,00-square-foot biotech tower downtown meant to offer a home to the city’s growing life sciences industry.
New Haven’s Board of Alders gave critical backing to zoning changes that will enable the construction of the city’s next big biotech real estate project downtown.
The growth of New Haven’s biotech industry has prompted steady demand for new lab space in the backyard of Yale School of Medicine, pointing toward an economic growth opportunity creating thousands of high-paying jobs.
A much-anticipated new biotech building proposed for downtown New Haven still appears to be on track despite the economic upheaval caused by the COVID-19 pandemic.
The increasing popularity of urban workspaces and continuing demand for newly-built distribution space in the suburbs will drive leasing and development in key Connecticut commercial real estate submarkets in 2020, industry executives predict.
Another biotech firm has relocated to Branford. Farmington-based Azitra Inc. will be moving to a new, 12,030-square-foot location at 21 Business Park Drive in February
State economic development officials are in talks with private investors to build new laboratory space to help the New Haven area’s biotech industry grow.
New Haven’s biotech boomlet isn’t confined to the city. Branford-based Tangen BioSciences signed a multi-year lease for a Branford industrial building it converted to a biotech facility in less than nine months.
Prominent New Haven biotech firm Alexion Pharmaceuticals plans to expand its Global Product Development lab at 100 College St. in the city.