PROVIDENCE, R.I. (AP) — Officials say developers hoping to build a life-science complex on former Interstate 195 land have signed a purchase and sale agreement with the I-195 Redevelopment District Commission.
The Providence Journal reports Real estate companies Wexford Science and Technology and CV Properties LLC proposed in the agreement to subdivide five acres of the land— the two largest parcels —and buy it in three phases.
The team expects to build about 500,000 square feet of mixed-use development in the first phase that will include lab and office facilities, an innovation center, a residential complex and other facilities.
Commission spokeswoman Dyana Koelsch says the first phase will cost $6.6 million. The total cost is approximately $13 million.
Construction is expected to begin by early 2017.
