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Sci Park Gets a New Name
Yale steps up as ground is broken on $30 million renovation
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Business New Haven
11/11/2002
By: BNH
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Lyme Properties, a Cambridge, Mass.-based development firm, broke ground October 30 at the rededication of the Science Park technology center in Newhallville. As part of the ceremony, Yale President Richard Levin unveiled a new name for the long-struggling business "incubator": Science Park at Yale.
Science Park is the former 80-acre site of the Winchester Repeating Arms Co. manufacturing facility.
The latest development initiative includes a $30 million renovation of 25 Science Park, a 266,000-square-foot science laboratory.
Lyme Properties' plans include office and laboratory space as well as some ground-level retail space. The site will be expanded to meet the demands of Connecticut's growing life-sciences industry. Lyme Properties says the renovation of 25 Science Park has already created more than 300 local jobs.
Lyme Properties was responsible for developing a high-tech center at Kendall Square in Cambridge, Mass., home of the Massachusetts Institute of Technology,
The transformation of Science Park from an underutilized manufacturing complex to a technology incubator began in the 1980s, but never achieved real traction as a science hub. Indeed, in recent years it has lost some of its highest-profile tenants such as Alexion Pharmaceuticals, which relocated to Cheshire.
Two years ago, however, the state, city and Yale began to look for more promising options to develop the property. Lyme was retained following a bid process.
"Economic vitality is the key to success of any city," Levin said. "If the institution makes the commitment, then success is possible."
Levin said the development is an important indicator of what could follow within the larger community. He said more facilities mean more jobs, which means more housing and revenue for the neighborhood and the city.
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