Expanding life science and biotech options in Medford will increase commercial tax base, bring revenue and jobs to the City.
Several developers pursuing development projects in Wellington neighborhood and Boston Avenue in Medford.
The
City of Medford is actively pursuing new development that would
significantly increase biotech and life science industries in the city.
With its location in the greater Boston metro area, abundant commercial
zones, and proximity to rapid transit and the life science corridors in
surrounding communities, Medford is well positioned to capitalize on
Boston Metro Area’s growing life science and biotech industry.
“This
is exactly the kind of development that we as a city should be
exploring. Our existing commercial districts have incredible value –
their location, lot sizes, and overall development potential – and this
type of development will greatly expand our commercial tax base and
bring in hundreds of new jobs to Medford, providing many benefits to our
residents and to our community as a whole,” said Mayor Breanna
Lungo-Koehn. “This is an exciting opportunity to put Medford on the map
and connect our city to the greater Boston area’s life science corridor,
and it is no coincidence that this type of development is interested in
Medford as we are working through our city’s first-ever Comprehensive
Plan. Like all that we do, we will continue to be open and transparent
and will provide options for community input as we continue to see
interest from these types of developers. We are being strategic about
the future of our community, and it is paying off.”
Developers
are already moving forward on projects at several locations within the
city: Oxford Properties is beginning work on a 90,000 square foot
bio-manufacturing facility at 23 Sycamore Ave; RISE Together has
released a proposal for a seven-story, approximately 250,000 square
feet, biotech development, at 4054 Mystic Valley Parkway; and Cummings
Properties already has plans underway for a 37,000 square foot expansion
of their property at 200 Boston Avenue. In addition, One Cabot Road, a
320,000 square foot office building currently owned by Davis Company,
is being marketed as a life science conversion opportunity.
Medford’s
Economic Development Director, Viktor Schrader - a position established
by Mayor Lungo-Koehn in late 2020 - has been instrumental not only in
working with potential developers to put Medford on the map for the life
science industry but is also working directly with the Medford Board of
Health to update the city’s policies and regulations to make sure
potential development meets community and industry safety standards.
“Medford
is well positioned to take advantage of the life science and biotech
growth in the greater-Boston area,” said Mr. Schrader. “Medford is
quickly becoming a market hot spot and developers are seeing the
investment potential here. The revenue potential for the City is
incredible, but we also want to make sure these developments benefit the
residents by improving the city’s infrastructure and enhancing the
sense of place that makes Medford so great.”
The
Office of Planning, Development and Sustainability has proposed zoning
changes to existing industrial areas to encourage biotech and life
science development. The changes have the potential to improve large
areas of the city that are designated industrial and currently allow
only for low-rise buildings with large surface parking lots. In
addition, the Medford Board of Health is considering regulations similar
to those in surrounding communities to ensure that biotech facilities
are safe and held to the highest standards.
The
City is also working with the Massachusetts Biotechnology Council
(MassBIO) to be designated as a “bio-ready” community, a list developed
by the organization to help encourage the expansion of biotech in the
region. The City of Medford has not previously been included on the
list.
“The
Chamber of Commerce welcomes the new jobs and commercial investment
that biotech will bring” said Maury Carroll, President of the Medford
Chamber of Commerce. “We have been watching this industry grow in other
places and are excited to see it finally coming to Medford.”
Medford
city services are available to all residents, regardless of race,
ethnicity, sexual orientation, religion, age, language ability, economic
situation, or immigration status.
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