- Associated Press - Friday, January 22, 2016

PROVIDENCE, R.I. (AP) - Officials say developers hoping to build a life-science complex on former Interstate 195 land have signed a purchase and sale agreement with the I-195 Redevelopment District Commission.

The Providence Journal reports (https://bit.ly/1OCyYb1 ) Real estate companies Wexford Science and Technology and CV Properties LLC proposed in the agreement to subdivide five acres of the land- the two largest parcels -and buy it in three phases.

The team expects to build about 500,000 square feet of mixed-use development in the first phase that will include lab and office facilities, an innovation center, a residential complex and other facilities.

Commission spokeswoman Dyana Koelsch says the first phase will cost $6.6 million. The total cost is approximately $13 million.

Construction is expected to begin by early 2017.

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Information from: The Providence Journal, https://www.providencejournal.com

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