Patch reports that a large city-owned site in East Harlem has been identified as the possible new home of a $100 million science facility, city officials announced Tuesday.
The large site on the corner of Second Avenue and East 127th Street was one of three city sites identified for the new science center, the city Economic Development Corporation said. The city will commit $100 million in capital to develop the new facility — dubbed the “Applied Life Sciences Hub” — which will act as a hub for New York’s growing life sciences industry, EDC officials said Tuesday.
In addition to the $100 million city investment, the EDC is seeking private and philanthropic funding for the facility. The city has officially begun accepting proposals for the new science hub and is seeking a “mission-driven organization or joint venture” to head up the development, EDC officials said.
“The Applied Life Sciences Hub will help make New York City a true global leader in life sciences and the good, accessible jobs being created in this growing sector,” EDC President and CEO James Patchett said in a statement. “We envision this hub as a ‘Bell Labs for Biotech’, a place where the best and brightest spin out new discoveries that turn into new cures and new businesses.”
The new science hub will be the signature initiative of LifeSci NYC — a 10-year, $500 million plan announced in 2016 to establish New York City as a leader in life sciences research, development and innovation — city officials said. The LifeSci NYC initiative is expected to generate 16,000 new jobs over 10 years.