"This has been a fairly long process," Scott Weiss, managing director of commercial real estate for Gutierrez, tells GlobeSt.com. "[It] started a year and a half to two years ago, with rezoning the land for biotech use." The culmination arrived on the local level this month, he continues, with receipt of permits that will allow the project.
The property--located at 43-63 South Ave.--will be comprised of office space, retail space and a restaurant, and biotechnology space in three multi-level buildings ranging from five to eight stories. Each building, according to Weiss, will be roughly 190,000 sf to 200,000 sf, possibly to be built in phases. The advantage of staggering the completion of buildings is that it allows tenants to move in earlier. Weiss explains that the buildings are flexible to a tenants needs are able to be subdivided or fully-leased to a large enough client.
The project will not break ground until they begin leasing tenants, but once there are tenants in place, Gutierrez plans to deliver the site 18 months later. According to Gutierrez, the development company has not cost-developed the project as yet, but sees no large concern finding tenants for the space.
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