The life sciences ecosystem in Dallas has gotten a boost with the announcement of plans for the development of Bridge Labs, the next phase of Pegasus Park in Dallas by J. Small Investments, Montgomery Street Partners, and an affiliate of Lyda Hill Philanthropies.
The expansion at Pegasus Park, a regional hub for life sciences and biotechnology in North Texas, involves the renovation of two existing, adjoining buildings on campus. Developers said demolition is underway and construction is set to begin soon.
“We would like to thank the local and state government for their partnership and assistance in the growth of the biotech and life sciences ecosystem in North Texas as we move forward with the development of Bridge Labs at Pegasus Park,” Steve Davis, president, J. Small Investments, said in a statement. “Their vision to support a life sciences hub in North Texas to bolster scientific discovery and our economy showcases their commitment to our city. We’re proud of the incredible success it has had in laying the foundation for the region’s burgeoning ecosystem.”
The Dallas City Council awarded nearly $8 million in incentives Wednesday for the $110 million Bridge Labs project, the Dallas Morning News reported.
Supporting more established life sciences companies
Bridge Labs at Pegasus Park [Rendering: Brick Visual]
Developers said that the private labs space at Bridge Labs will complement other anchors of biotech activity on the campus such as the thriving startup community at BioLabs.
Bridge Labs will support the needs of more established life sciences companies, developers said. The Dallas City Council has been engaged with the project for economic incentives and tax abatements which were approved by the Council on June 14.
The facility will feature 135,000 square feet of purpose-built research and development space, developers said. Bridge Labs is adjacent to the 37,000-square-foot BioLabs facility that opened in 2022 and will feature the first institutional-quality, non-incubator space in the region with best-in-class specifications such as upgraded power, HVAC and gas service, and state-of-the-art laboratory amenities and shared spaces.
Bridge Labs will offer prebuilt lab suites that will provide the tools and flexible space needed for growth-stage life sciences entrepreneurs and companies. Developers said that 30 percent of the space already is committed by lease.
Completion is scheduled for mid-2024.
First-of-its kind, next-gen lab space
Bridge Labs at Pegasus Park [Rendering: Brick Visual]
Developers said the surrounding communities will benefit from the boost in top-quality and high-paying technical jobs, a rise in intellectual capital, and an increase in access to cutting-edge healthcare.
“Bridge Labs is a vital step in the evolution of the Dallas life sciences ecosystem,” Sam Johnson, principal, Montgomery Street Partners, said in a statement. “By providing first-of-its-kind, next-generation space, Pegasus Park is continuing to advance the development of a thriving research hub. This project directly complements the burgeoning activity from BioLabs and other on-campus initiatives.”
“We’re excited to work with the city of Dallas to bring this project to life, which will foster local innovation and attract new life sciences and health care companies and institutions to the region,” Johnson added.
The 26-acre Pegasus Park campus is the first of its kind in North Texas and also features a social impact hub called Water Cooler, commercial tenant office space, and entertainment and dining venues with state-of-the-art facilities and amenities.
Campus amenities include 16,000 square feet of flexible function space called the Convene Conference Center and a local craft brewery taproom and restaurant, Community Beer Co.
Montgomery Street Partners and J. Small Investments are serving as the co-developers of the Bridge Labs project.
Perkins + Will is the architect and Swinerton is serving as the contractor, with support from Project Management Advisors. JLL is the leasing agent.
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R E A D N E X T
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Last month we told you about Bridge Labs, a $32 million, 135,000-square-foot lab and office expansion that was potentially coming to the Biotech+ Hub at Pegasus Park. Planning documents filed with the Texas Department of Licensing & Regulation now show that potential will become reality next month, when construction on the project is slated to begin. According to marketing materials, Bridge Labs will offer “best-in-class” purpose-built shell lab space plus spec suites ranging from 4,526 square feet to 7,722 square feet.
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