The deal, announced Monday, was first disclosed last summer, when
BioMed sought approvals from Somerville to change plans for the site — then known as XMBLY — from a mixed-use project that included apartments into something suited for life science companies. It closed on the property just before Christmas and BioMed is now preparing a proposal for the first phase of the project. The company aims to start construction later this year.
“Our vision for the Assembly Square location is to create a premier innovation campus where science and technology intersects,” said BioMed vice president Sal Zinno. “It’s an ideal location and size for a large life science company to establish a prominent headquarters.”