Boston Bio-Tech Hub To Develop More Housing

"Developers are planning a 531-unit , $225 million residential building in Kendall Square, which would add to the burgeoning residential development underway in Cambridge's high-technology and biotech mecca.

Extell Development Co. of New York in a joint venture with Equity Residential of Chicago plan to construct the project at 303 Third St., across from Genzyme Corp.'s famous environmentally friendly headquarters and around the corner from the Boston Marriott Cambridge hotel, according to Brian Fallon, Extell's managing partner and principal. Extell bought the land, now a vacant lot, four years ago and recently entered the venture with Equity Residential, with which it has partnered numerous times, he said.

'We're the missing piece, the last piece of the buildout of Kendall Square,' Fallon said. 'I consider it to be the finest residential site in East Cambridge,' he said."