WOBURN – The Davis Companies has proposed the creation of a new overlay district to facilitate the conversion of a Showcase Cinema parking lot in Woburn, MA into a research and life sciences campus, The Daily Times Chronicle of Woburn reported.
“During a council meeting earlier this week in City Hall, local attorney Joseph Tarby, representing high-tech office park manager the Davis Companies, explained his client has negotiated a deal with National Amusements to buy 25.6-acres of land from the movie theatre complex off of Route 38 by the 128 rotary,” the Daily Times Chronicle said.
Eyeing the site as perfect for new bio-tech and advanced manufacturing uses, the proposed zoning amendment would establish a new Life Sciences and Business Mixed-Use Overlay District (LBOD) around the parcel, according to the newspaper.
“My client has entered into an agreement with National Amusements to purchase approximately 25.6 acres of land adjacent to the cinema,” the Daily Times Chronicle quoted Tarby as saying. He was referring to a large overflow parking lot situated on the Lowell Street side of the movie theatre complex, according to the newspaper.
The newspaper said that according to Kristopher Yetman, vice president of development at the Davis Companies, if the overlay district initiative passes, his firm intends to construct two life sciences buildings containing approximately 200,000 square feet on the land.
To read the original story in the Chronicle, please click here.