MaRS Phase II back on track

Phase II of the MaRS Centre has been given the greenlight nearly three years after it was suspended due to the economic crisis. The $350-million project will once again be undertaken by Alexandria Real Estate Equities Inc, a Pasadena CA-based real estate investment trust specializing in life sciences real estate. The timing of the re-start comes as the economy appears to be entering into recession, raising questions over the ability of Alexandria and MaRS to take the project through to completion. The project is being supported by a repayable loan from Infrastructure Ontario combined with investments from MaRS and Alexandria. The Ontario Institute for Cancer Research — currently a tenant in the first MaRS building — will expand into Phase II. Public Health Ontario will also set up its headquarters in the new facility, which is expected to be completed by September/13....