Lingerfelt Development Begins Work on $100M Complex for Health Diagnostic Laboratory
- Apr 30, 2012
Lingerfelt Development announced it has started demolition at the 34-acre Virginia BioTechnology Research Park in downtown Richmond. BioTech 3 is coming down to make way for the construction of a new complex that will serve as headquarters for Health Diagnostic Laboratory (HDL) Inc., a fast-growing CLIA-certified and CAP-accredited clinical laboratory.
Plans call for a $100 million development project to be constructed in two phases: A six-story, 112,000-square-foot wet lab biotech building with a two-story parking deck expansion is planned for the first phase of construction. A two-story, fully built-out lab acting as a bridge to HDL’s existing building will connect the parking facilities. Phase I is expected to be completed by December 2012.
Work on Phase II will start in 2013. Another six-story, 112,000-square-foot tower will be added to the site. Upon completion, the three-building headquarters complex will include 300,000 square feet of biotech and Class A office space and a four-story, 485-space parking deck.
“We are pleased to assist HDL Inc. with their expansion needs. The timing is right in this development cycle to maximize opportunities of growth markets in the healthcare sector and also Class A office buildings,” principal J. Ryan Lingerfelt stated in a press release.
HDL, a clinical laboratory that is adding hundreds of jobs, offers a comprehensive test menu of risk factors and biomarkers for cardiovascular and related diseases. It is currently located in the BioTech 8 building within the Virginia BioTechnology Research Park. The new complex will help expand its footprint as the company continues its average 5 to 8 percent weekly growth rate.
Headquartered in Richmond, Va., and with 50 years of real estate experience under its belt, Lingerfelt Development is no stranger to health-related developments. It has recently completed the $25 million OthoVirginia building, a 70,000-square-foot medical facility; the two-story, 25,268-square-foot VCHA & CCNV Healthcare Office Building Headquarters; and the 100,000-square-foot Bon Secours Heart Institute.
Image courtesy of http://lingerfeltco.com/press_image/lingerfelt.htm.