NEW YORK (GenomeWeb News) – The Broad Institute of Harvard and MIT plans to sell up to $353.4 million in bonds to help finance the building of a new biomedical research lab in Cambridge, Mass.
The bonds will be issued by the Massachusetts Development Finance agency and will include $269.9 million in tax exempt Series 2011A revenue bonds and $83.5 million in taxable Series 2011B revenue bonds, a spokesperson for the Broad confirmed Monday.
As GenomeWeb Daily News reported in August 2010, when Broad received approval from the City Council for the new lab, the planned space will total 300,000 square feet, and it will incorporate some consolidated resources from the institute's other Cambridge facilities.
Broad will need the new building by 2014, when one of its current leases expires. The spokesperson yesterday told GWDN that the details of what activities and facilities will be housed in the new building are still being worked out.
Although the details are still hazy, a Broad spokesman told GWDN in August that "there will undoubtedly be additional core faculty lab space in the new building, as well as it being the home of several of our scientific platforms, i.e., the groups of scientists with specific technological expertise and capabilities."
Last June, Broad Institute Deputy Director and COO Alan Fein told a Cambridge Ordinance Committee that the new building will help the institute address its need to accommodate a total of 1,500 employees and research collaboration partners at its facilities.