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A minority-owned development firm has secured financing for a new life sciences development near Wellington Station in Medford.
Rise closed its financing deal for a $200M, eight-story life sciences development on a vacant parcel at 4054 Mystic Valley Parkway, the developer announced Thursday. It didn't disclose the sources or terms of its financing, and a spokesperson declined to provide more information.
The 311K SF development is planned to include ground-floor retail, below-grade parking, indoor bike storage and a landscaped public plaza.
Rise is partnering with Medford property owner the Matarazzo family on the project, and it is working with architecture firms Cube 3 and Jacobs on the design. The project is expected to bring 500 permanent jobs to the city and 600 construction jobs.
Newmark's Dave Douvadjian Sr. and Harrison Zucco arranged the financing for the development.
“Despite market shifts – there will always be a demand for industries that support the therapies and medical advances in our region,” Herby Duverné, co-founder of Rise, said in a statement. “We are planning for long-term solutions, and our cost model has allowed us to develop a project that works, which our partners recognize.”
Medford has been trying to cultivate its own life sciences cluster. Being miles away from Cambridge and Boston as well as hosting its own Orange Line MBTA stop, the city has caught the attention of developers.
In January, Rise submitted a proposal showing interest in another high-profile parcel in Medford. The development firm sent in a bid for the Wellington air rights project for a 963K SF mix of residential and hospitality buildings.
Last year, Malden-based Combined Properties proposed a 1.2M SF life sciences campus that will include four eight-story lab buildings at 278-326 Mystic Ave., Banker & Tradesman reported.
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