Mass. approves $1B biotech project

Massachusetts officials have green-lighted a $1 billion, five-building biotech center near Kendall Square in Cambridge. Binney Street Project, as it is known, will boast about 1.72 million square feet of office/laboratory space and other mixed uses. Alexandria Real Estate Equities, which is overseeing the project, said that all five facilities will be LEED certifiable, and Alexandria will preserve historic buildings already present on the 11.3-acre site. The new labs will be located near Massachusetts Institute of Technology, Whitehead Institute for Biomedical Research, the Broad Institute and Harvard University.

"The Binney Street Project is one of the most important developments of its kind and will further enhance Cambridge's position as a world leading center for life science research and development," says Alexandria's Senior Vice President and Regional Market Director Tom Andrews in a statement. The firm has yet to announce a construction start date or main tenant for the new park.

- here's Alexandria's release
- read the report for more