A $1 billion life sciences campus in Morrisville is well into phase one with its delivery expected in the second half of 2024.
Developer King Street Properties of Boston is set to deliver the first building by the end of 2023 at its Pathway Triangle project on 75 acres off McCrimmon Parkway. The first building is 160,000 square feet of GMP space with the ability to expand up to 260,000 square feet.
The second GMP building is also under construction and will top out in the last week of September. It has an estimated delivery in the first quarter of 2024. That building will be 200,000 square feet with the option to expand up to 300,000 square feet.
The two buildings will also have the ability to connect to each other.
The third building will be 140,000 square feet spread over three floors for research and development. Chris Rouches, managing director and head of asset management for King Street, said the company hopes to start construction soon so it can be delivered by the second half of 2024.
An amenity building that was originally part of phase two and planned to be about 5,000 square feet will now become part of phase one and be between 8,000-10,000 square feet, according to Rouches. The company anticipates finishing the amenity building –subject to town approval – in 2024 to wrap up phase one.
The amenity building will have a gym, golf simulator, conference center, lounge, outdoor patio, bike stations and storage plus food and beverage options – either a grab-and-go station or full service. Rouches said he is leaning toward providing full service as the company has previously partnered with Flik, a food hospitality company.
King Street hasn’t signed any preleases yet, but Rouches said they have given six tours in the past two months with potential users ranging in size from 6,000 to 400,000 square feet.
While the development is a few months behind its initial timeline, it is still on track to cost around $1 billion.
The second phase consists of a 140,000 square foot research and development building along with two biomanufacturing buildings – one 160,000 square feet and the other 200,000 square feet. Rouches said King Street wants to start construction on phase two in 2024. Delivery would be early to mid-2025.
When Pathway Triangle is complete, it’ll have up to 1 million square feet of life sciences space. Combined with King Street’s EastRidge campus at Perimeter Park in Morrisville, the company will have 1.7 million square feet of life sciences space in the Triangle. Rouches said King Street wants to eventually increase that figure to 5 million to 10 million, with talks of possibly converting office buildings in Downtown Raleigh into life sciences space.
Despite demand for space cooling, life sciences development is still booming in the Triangle. Pathway Triangle is across the street from another billion-dollar project, Spark LS, which is also under construction. The developers behind Heritage Square in Durham plan to build an 11-story life sciences and lab building. And real estate firm Longfellow is planning a life sciences center in downtown Chapel Hill.
From Kayli Thompson at Triangle Business Journal: