Boston Biotech goes to Fan Pier

I used to think that the Harvard/Allston/Genzyme area was going to be a big part of Boston's future as a bio-tech leader. Maybe the State and City tried to bring Vertex Pharmaceuticals to Harvard's vacant foundation, but instead the South Boston waterfront is becoming the place for Boston biotech to go.

City draws Cambridge drug firm to Fan Pier - The Boston Globe

“This is a jump-start for the entire waterfront,’’ said Mayor Thomas M. Menino, who has been trying to remake the area into an “Innovation District’’ by offering incentives to companies to locate there. “Vertex has made the decision to be on the forefront of the Innovation District, and that decision will lead other companies to follow suit...

Vertex would occupy about 1.1 million square feet, filling a pair of 18-story buildings at Fan Pier, with an option to expand into a third to be built there. Vertex’s portion of the $2 billion Fan Pier complex is estimated at $800 million, according to state officials....

Boston will provide Vertex with an $11.8 million reduction in property taxes through 2018. The state, meanwhile, will provide $10 million in tax breaks in exchange for Vertex creating 500 additional full-time jobs by 2015. Massachusetts will also borrow $50 million for roads, water and sewer, and other necessary infrastructure, to be repaid with tax revenues generated from Vertex’s buildings."