An Estimated 250 Construction Jobs to be Created Thanks to $50 Million MassDevelopment Bond for Dana-Farber
September 16, 2013
MassDevelopment has issued a $50.86 million bond on behalf of Boston's Dana-Farber Cancer Institute, a world-renowned leader in the research and treatment of adult and pediatric cancers. The Institute will use bond proceeds to fit out and equip 154,100 square feet in a third-party building known as the Longwood Center, as biology and chemistry research laboratories; related storage and support areas; and expansion space. MassDevelopment calculations estimate the project will result in approximately 250 construction jobs.
“Dana-Farber exemplifies the Commonwealth’s world-class healthcare sector with its groundbreaking research and work to eradicate cancer, AIDS, and related diseases,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to leverage this financing to create jobs and laboratory space that will help fight these scourges.”
Founded in 1947, Dana-Farber is one of the original 12 National Cancer Institute Comprehensive Cancer Centers. Dana-Farber is a teaching affiliate of Harvard Medical School and collaborates with nearby Harvard-affiliated teaching hospitals. In partnership with Harvard Medical School, Dana-Farber trains physicians and scientists, designs programs to promote public health, and disseminates information about innovative patient therapies and scientific discoveries.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.