Image courtesy of Cube 3 and Jacobs

Boston-based developer RISE completed its acquisition of a Medford restaurant property approved for a $200 million life science tower.

The 311,535-square-foot project will replace a Bertucci’s restaurant and parking lot with an 8-story lab building at 4054 Mystic Valley Parkway.

RISE paid $8.25 million to purchase the 1.4-acre property from Dean Matarazzo of Mystic Valley Parkway Trust, according to a Middlesex Registry of Deeds filing, and received $25 million in mortgage financing from Avidia Bank.

The project will include ground-floor retail space and public realm enhancements to the site near Wellington Circle.

In September 2022, the owner of the adjacent Middlesex County Superior Court, CC Industries Realty Trust, challenged the Medford Zoning Board of Appeals’ approval of variances needed for the project in Massachusetts Land Court .

The suit was dismissed on March 16 at request of the plaintiff and defendants, which included RISE and the Medford ZBA.

The building, including three levels of underground parking, will be designed by architects Cube3 and Jacobs.

“Despite market shifts – there will always be a demand for industries that support the therapies and medical advances in our region,” Herby Duverné, co-founder of RISE, said in a statement.