Developers blueprint massive NY biotech center

In an effort to lure biotechnology companies to New York, a group of real estate developers has unveiled plans to build a $700 million laboratory complex. The East River Science Park will be built on the campus of Bellevue Hospital Center and will work to woo spin-off biotech companies from academia and more established drug researchers from around the country. The city's mayor, Michael Bloomberg, said that Alexandria Real Estate Equities is committed to building the project even though no tenants have yet to sign a lease. The first phase of 540,000 sq. ft. will begin construction next year. Bloomberg said that it would help make New York City one of the world's top bioscience clusters.

- read this story from The New York Times for more