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Image courtesy of RISE Together
Boston-based developer RISE Together unveiled plans for a new life science facility that could be the first of a series of lab projects near Medford’s Wellington Circle.
The firm is preparing to submit plans to redevelop 4054 Mystic Valley Parkway, currently occupied by a 1-story Bertucci’s restaurant, as a 8-story lab tower with ground-floor retail.
“Demand is extremely high for biotech and those tenants that would typically seek areas in Boston are looking at areas such as Somerville, Lexington, Watertown and hopefully Medford at some point,” said Quinlan Locke, project manager for RISE Together, at a virtual community meeting presentation Thursday.
The 1.4-acre property contains a 16,216-square-foot restaurant building, according to assessors’ records. RISE Together is partnering with the property owners, Mystic Valley Parkway Trust, on the development, Locke said.
Plans by Cube 3 architects show the building would contain floor plates of approximately 30,000 square feet with 15-foot ceiling heights and a 2-story, 40-foot-tall mechanical penthouse.
The project will require approval from the Medford Community Development Board and the Zoning Board of Appeals.
The Medford project could provide opportunities for local high schoolers to gain internships at biotech companies that eventually occupy the building, developers said. No tenants have yet committed and the developers are working with Colliers International as leasing agent.
The city of Medford recently launched its first citywide master plan in decades, a process that’s expected to take up to two years. In the meantime, city officials are studying shorter-term measures to accommodate demand from life science developers, said Alicia Hunt, Medford’s director of planning, development and sustainability.
Founded by former Massport executive Herby Duverne, the 2-year-old development firm RISE Together is active in a series of multifamily and commercial projects from Boston to Haverhill.
