The Lord & Taylor store in the Natick Mall is being converted into a science-ready space.
The real estate arm of Hudson’s Bay Co., HBC Properties and Investments, is partnering with Streetworks Development to create multi-use environments across the United States spanning a total of 40 million square feet, of which the Lord & Taylor stores will be a part. As more people are shopping online, the closure of these stores is making the development of mixed-use life science spaces like this possible.
The Lord & Taylor store in Natick, as well as the one at the South Shore Plaza in Braintree and The Burlington Mall are ideal for such spaces due to their high ceilings and loading bays and large parking lots. Each of these locations will be renovated to accommodate 125,000 square feet of space that can be used by biotechnology companies. Banner printing is often used at such sites to announce the development of new projects.
Principal and retail strategist at DIG360, based in Vancouver, David Ian Gray, said that life science companies these days seem to be more attracted to the suburbs with their lower real estate prices. Gray added that amenities nearby in an urban community may not be as appealing as others located near to a suburban location.
The space in Natick is expected to be ready for use in about 15 months.
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