A proposed $241M lab project in Berkeley, California, would add substantial new lab space to the Bay Area, seeking to benefit from proximity to the university talent pool.

SteelWave’s plan for TheLAB in West Berkeley, a combination of lab and light manufacturing space, would see nine buildings across 3 acres demolished and replaced with new lab and creative office space, per a recent article in Berkeleyside.

The renovation has already kicked off, with a hearing before the Zoning Adjustments Board set before construction begins. Two tenants, Bolt Threads and Conception Bio, have already signed on to the project, which developers predict would open in 2024 at the earliest.

It joins other Berkeley life sciences projects in the works, including the 462K SF Berkeley Commons project by Lane Partners.

SteelWave currently has additional projects in the works across the region, including Emeryville, Foster City and South San Francisco. Recent Kidder Mathews data shows demand in the region hasn’t waned, with 5.7M SF of tenant demand tracked in Q4 2021 and $3.5B in venture capital raised during the same period.