Boston-based King Street Properties has broken ground on Allston LabWorks, a mixed-use development located near Harvard University in Massachusetts. Construction on Allston LabWorks is taking place on a 4.3-acre site situated at 250,280 and 305 Western Ave.
This development will bring 534,000 square feet of lab space, along with much-needed accommodations next to the University’s Allston campus. Besides the lab space, Allston LabWorks will provide a 20,000-square-foot ground-level retail space and a 12,000-square-foot plaza.
It also features 5,000 square feet of landscaped open space, along with 35 multifamily units. The developers have set aside 26% of the housing units as affordable. Meanwhile, the plaza has been reserved to accommodate a working studio and gallery space for local artists.
More on the construction of the Allston LabWorks
Furthermore, the Allston LabWorks project will also cover the construction of a Learning Lab space. This learning facility will be made up of a science laboratory and classroom aimed at hosting life science educational programming. Therefore, the developers also partnered with the BioBuilder Educational Foundation to handle the operations of the Learning Lab.
The first lab spaces at Allston LabWorks are scheduled for completion by the fourth quarter of 2024. The contractor working on the project is Consigli Construction Company, while the MEP engineers are BR+A. DiMella Shaffer will serve as Architects, and Howard Stein Hudson will handle civil engineering.
King Street Properties’ Managing Director, Mike Dominico, spoke on the need for collaboration between the Allston LabWorks development and the community. He said the project will not only provide new jobs but also offers engagement with students and neighbors.
Reported earlier
Aug 2022
Construction financing secured for Allston LabWorks in Boston
Boston Allston LabWorks project in Massachusetts is set to benefit from US$ 585M construction financing. The monies were secured by JLL Capital Markets for the King Street Properties, Brookfield, and Mugar Enterprises developed mixed-use project.
Allston LabWorks will comprise 534,000 square feet of lab space, 20,000 square feet of retail space, and 35 multi-housing units. Reportedly 26% of the housing units will be affordable. Moreover, the project will feature a 668-car garage and a 12,000-square-foot public plaza. The plaza will have an extra 5,000 square feet of planted open space.
Overview of the project site and location
The Boston Allston LabWorks project is close to the 350-acre Allston campus of Harvard University. It is situated on 4.27 acres at 250, 280, and 305 Western Avenue. Noteworthy, the site is well-positioned to meet the expanding need for life science in the area. This is largely due to its closeness to Harvard’s investment in the area.
Also Read: Plans underway for Harvard University Allston ERC project in Boston
The neighborhood has become a desirable location owing to the continuous public and private investment over the past two decades. In addition, the neighboring business and academic demand drivers have also contributed immensely. Moreover, the presence of 19 of the 20 biggest biotech and pharmaceutical businesses in the Greater Boston Lab market has been advantageous. This is where Allston LabWorks is located.
The market also receives 30% of all life sciences financing in the United States. Therefore, the development of the life sciences industry is surpassing that of all other industries by a factor of four.
Commentary on the Boston Allston LabWorks project
“We appreciate JLL’s efforts in securing funding for this significant property, and we look forward to our future lending partnership. Given the state of the market right now, the speed with which we were able to close this loan is a testament to the degree of interest in and trust in Allston LabWorks. Mike Diminico, managing director of King Street, stated,
“We are really proud of this groundbreaking project and look forward to starting ground as soon as possible. The institutional financial foundation of Brookfield will be combined with King Street’s superior development expertise and proven track record in a number of future acquisitions, according to Greg LaBine of JLL Capital.
LaBine who is the managing director, and Amy Lousararian, the director, led the JLL Capital Markets team that was in charge of representing the borrower.
