The I-195 Redevelopment District Commission authorized a series of incentives Monday to attract Wexford Science & Technology LLC, as well as the Cambridge Innovation Center, to two prime parcels of the former highway land.
In a presentation made in public session, the principals of both companies, as well as developer CV Properties LLC, outlined their plans to collaborate in a $158 million first phase of a mixed-use, innovation district and life-sciences center.
The project will include a 170-room hotel with event space and a seven-story, 191,000-square-foot Innovation Building, which will include 66,000 square feet for the CIC, a Massachusetts-based firm that provides individual and collaborative spaces for startup companies. Brown University, as well as the CIC, have signed letters of intent to lease space in the new building, with Brown moving its School of Professional Studies into a planned, 50,000-square-foot portion.
The hotel would be developed by CV Properties LLC, which is now constructing the South Street Landing project.
WPRI reports that the hotel will be an Aloft brand.