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East River Science Park
The New York City EDC has recently announced plans for an East River Science Park, which will hold over 500,000 square feet of offices, laboratories, and public space. Upon completion in 2009, the $400 million complex will have three buildings encompassing 1.1 million square feet of specialized laboratories and office space. It will occupy 3.5 acres in Manhattan between East 28th and 29th Streets and First Avenue and Franklin D. Roosevelt Drive. The parcel currently holds a parking lot and an old laundry building that is part of the Bellevue Medical Center campus.
In August 2005, Mayor Bloomberg announced the designation of Alexandria Real Estate Equities, Inc. as the developer of East River Science Park. Alexandria did not have to purchase the land, however. It negotiated a land lease with the city for 49 years with two 25-year options. Once construction is complete, Alexandria will pay the city $2 million a year, a figure that will escalate over time. The EDC believes that creating this concentrated local for the study of biosciences will increase the industry’s presence in New York, which is currently limited. The development is being funded by the New York Investment Fund and will connect with NYU Medical School and Bellevue Hospital. Infrastructure work will be paid for with $13.9 million from the city, $27 million from the state and possibly $2 million in federal money. There will also be property tax abatement over 25 years worth $251 million, and breaks on city and state sales tax and recording taxes worth about $22.7 million.
One concern is that currently the remains of Sept. 11th victims are being held on the site, and Bloomberg has promised that they will not be moved until interment in the Sept. 11th memorial.
EDC Wants Hotel at Bellevue Site on East River
Tuesday, April 01, 2008 | New York Sun | Topic: Economic Development
The City’s Economic Development Corporation (EDC) issued a Request for Proposals (RFP) for a hotel to be built adjacent to the East River Science Park in a building once used as the Bellevue Psychiatric Hospital. The hotel would serve the science and technology research that is expected to be housed in the Science Park, which is slated for completion in 2009. The EDC has said that the H shaped building would suit a hotel well. Some critics questioned the timing of the RFP considering that major projects in the City have failed because of the market and some said that it is unclear if there is currently a need for a hotel on the East side.
Ground Broken at East River Science Park
Monday, October 15, 2007 | Government Technology Magazine | Topic: Economic Development
Mayor Bloomberg and State Assembly Speaker Sheldon Silver broke ground Monday on the Alexandria Center for Science and Technology, part of the 1.1-million-square-foot East River Science Park set to be built on part of the Bellevue Hospital campus. The project will cost over $700 million, with funds coming from both private and government sources, and is expected to create 2,000 bioscience-related jobs.
East River Science Park Aims to Turn NYC into Bioscience Center
Wednesday, February 21, 2007 | New York Times | Topic: Economic Development
Alexandria Real Estate Equities is expected to begin construction in March on NYC’s East River Science Park, with expected completion in 2009. The Partnership for New York believes that with investment and creation of the Science Park NYC will become a particularly attractive site for new bioscience companies because of the high number of universities and research institutions in the area. Alexandria Real Estate Equities, which specializes in this type of science development, acquired a 50-year lease on the land from the city at the price of $2 million a year, which has allowed it to go ahead with development plans. The city will be subsidizing the development through investment in supporting infrastructure and tax abatements.
BioScience Office Park Planned for Eastern Manhattan
Tuesday, February 20, 2007 | New York Sun | Topic: Economic Development
The New York City EDC has recently announced plans for an East River Science Park, which will hold over 500,000 square feet of offices, laboratories, and public space. The EDC believes that creating this concentrated local for the study of biosciences will increase the industry’s presence in New York, which is currently limited. The development is being funded by the New York Investment Fund and will connect with NYU Medical School and Bellevue Hospital. One concern is that currently the remains of Sept. 11th victims are being held on the site, and Bloomberg has promised that they will not be moved until interment in the Sept. 11th memorial.


