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Alexandria to Expand South Lake Union Campus with $280M Project
Alexandria Real Estate Equities Inc.’s South Lake Union “mega campus” is expanding, per a recent master-use permit application in Seattle.
Alexandria applied for master-use and construction permits to build a new life sciences addition along with below-grade parking, reported the Puget Sound Business Journal. The $280 million project on the 1.5-acre half block is an addition to the campus, which spreads south from the property.
California-based Alexandria has been pursuing the development of the Alexandria Center for Life Science in South Lake Union since at least last decade, when it was competitively selected to develop some city-owned properties. It’s one of two “mega campuses” the company is developing on the lake, the other being in the Eastlake area.
Alexandria agreed to pay $143.5 million — $138.5 million for the land plus a $5 million contribution to address homelessness — for the so-called Mercer Blocks.
