A California-based real-estate trust that focuses on life-sciences projects has filed plans to replace a vacant three-story building at 109 Brookline Ave. at Overland Street with a ten-story, 247,000-square foot building aimed at the burgeoning life-sciences business, with lots of lab space and room for offices for overseeing all that lab work.
The building would also have ground-floor retail space as well as four levels of underground parking with room for 230 cars, under plans by IQHQ of Solana Beach, CA, filed today with the BPDA. IQHQ bought the two-acre property for $270 million last April, according to Suffolk County Registry of Deeds records.
Recognizing the unique opportunity to further enhance the Fenway-Kenmore neighborhood, and to address the continued demand for high-quality office/lab/R&D space, the Project will be designed to attract cutting-edge labs and research, modern offices, and innovative startups. As such, the Project will strengthen this already dynamic area as the life sciences gateway to Boston along with the neighboring anchors of the Longwood Medical Area and Boston University, all together creating a powerful economic engine for the City of Boston and the Commonwealth of Massachusetts.
Because of the site's size, IQHQ will file for a "planned development area," which will essentially let it and the BPDA throw out most of the lot's current zoning and negotiate something that fits what the company wants to build.
IQHQ estimates it will pay $3.85 million in linkage fees for city housing and job-training funds and will create roughly 1,000 permanent jobs.
The company hopes to begin construction early next year, with the building shell completed by the end of 2024. It will then take another year to outfit the interior space to the specific requirements of tenants.
109 Brookline Ave. documents and calendar.