Elizabeth Hayes, Portland Business Journal
Summit Development Group to invest $12M in Central Eastside lab-office development
One of the biggest obstacles for biotech companies looking to expand in Portland is the city’s lack of suitable lab space.
That situation is about to change. A new 40,000-square-foot lab-office development, scheduled to get underway in April, is slated to open in the fall in Portland’s Central Eastside.
Summit Development Group bought a 100-year-old, three-story warehouse building on the corner of Southeast Eighth Avenue and Alder Street last November. The plan is to renovate the space and add a fourth floor.
Dubbbed the Eastside Innovation Hub, it will become the first lab building in Portland developed entirely with private funds. Summit is investing $12 million in total.
The “hub,” at 808 S.E. Alder, already has an anchor tenant: Revelar, which is developing low-cost, noninvasive breath tests for preventive care and personalized disease treatment. Read the rest of the story at Portland Business Journal (subscription required).