Alexandria Real Estate Equities Inc. has submitted a master-use permit application in Seattle, signaling the expansion of their South Lake Union “mega campus.”
According to the Puget Sound Business Journal, Alexandria is seeking approval for both master-use and construction permits for a new life sciences addition and below-grade parking on the 1.5-acre half block property. The project is estimated to cost $280 million and will be an extension of the existing campus that spans south from this location.
The development of the Alexandria Center for Life Science in South Lake Union has been in progress since at least last decade when it was selected through a competitive process by city officials to develop certain city-owned properties. This project is one of two “mega campuses” that Alexandria is currently developing on Lake Union, with another located in Eastlake.
As part of their agreement with Seattle officials, Alexandria will pay $143.5 million – including $138.5 million for land acquisition and an additional $5 million contribution towards addressing homelessness – for what are known as Mercer Blocks.
