Longwood Center work halts as economy makes prospective tenants leery
Construction has stopped on a $300 million biotechnology laboratory in the Longwood Medical Area as the city's medical sector, which previously seemed insulated from the nation's economic problems, begins to feel the effects of the worsening downturn.
National Development and Alexandria Real Estate Equities Inc. said they are halting work on the 1-acre site on Brookline and Longwood avenues because they have been unable to secure leases from tenants.
Executives with the companies said the project, known as Longwood Center, will remain on hold at least until spring.
Meanwhile, Brigham and Women's Hospital said yesterday it is delaying plans to renovate its patients tower and may scale back the project as tightening finances begin to restrict what has been a prolonged building boom in the Longwood area.