Construction on the park's buildings will begin 1.5 years to two years after the completion of infrastructure, which includes a 20-acre lake that will be created from the sale and removal of top soil. The Deerfield Beach, FL-based Red Reef's first phase will be a 300,000-sf research center. It's estimated the project, which will be located along 244 State Hwy. L 10-11, just off State Hwy. 1, will take 10 years to build out. Whitney, Bailey, Cox and Magnani LLC of Baltimore is the architect, engineer and developer of the complex.
"They're looking at around 3.5 years before anyone could move in and start to work," Jack Turner, vice president of Whitney, Bailey, Cox and Magnani LLC, tells GlobeSt.com. He says the research facility needs to be in place before the hotel and recreational amenities are built. "Once they see the buildings going up, then the hotel and other possible amenities will follow," he adds. Red Reef has sold several tracts to residential developers, but is holding firm to the balance of the land for its scientific and medical research park.
When completed, the research facilities will be spread among four interconnected "green" buildings. Turner says green development makes sense because Red Reef Laboratories relies on green compounds for a good deal of its research and development.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.