Joslin halts plan for lab, high-rise
Puts Longwood site up for sale instead
By Christopher Rowland, Globe Staff | April 30, 2007
Just four months into his job as head of the Joslin Diabetes Center , Ranch Kimball has pulled the plug on the center's ambitious plan to build a new laboratory building and 29-story residential tower at its Longwood home.
Kimball, the center's first chief executive who is not a doctor, instead has put the development site up for sale, at an asking price of $20 million.
With the move, Kimball is abandoning a $225 million, 500,000-square-foot development project that has languished on the drawing boards since 2003, when Joslin won approval from the Boston Redevelopment Authority . Kimball declined to discuss what he saw as the project's flaws or why Joslin had not yet started construction in four years since winning approval. He said he scrapped the plan "to get all of us a clean start."
The center's project manager, Keefe Co., still listed Joslin Place , as the complex would have been known, on its website yesterday. A call to company president Frank T. Keefe was not returned.
Kimball was the state's chief of economic development under Governor Mitt Romney . Before joining the Romney administration in 2004, Kimball ran a private equity firm for Kissinger McLarty Associates . Prior to that, he was a business consultant at Boston Consulting Group, specializing in technology, telecommunications, manufacturing, and media.
A statement from Joslin, a preeminent research and outpatient treatment clinic affiliated with Harvard Medical School , said when it hired Kimball in January that his business experience made him a strong choice to lead the center in the competitive healthcare marketplace.
He replaced Dr. C. Ronald Kahn , who stepped down in September after six years as Joslin's chief executive to return to full-time research.
The parcel Joslin is putting up for sale encompasses a high-visibility acre at the intersection of Longwood Avenue and Brookline Avenue , at the western edge of Longwood Medical Area . It currently houses a nearly vacant residential building with 84 apartments and a small retail building. The site has BRA approval for a new, nine-story laboratory, office, and clinic building; a residential tower with 150 new apartments, and a 350-space underground parking garage.
Joslin's new position is that it is willing to lease 60,000 to 75,000 square feet in the new complex from a developer who moves ahead with a new project, Kimball said. It also is willing to sell an additional building, a 1950s laboratory complex, and lease it back after it has been refurbished. A fact sheet for the proposed sale says developer responses are due to Joslin by May 14, and that it wants to select a buyer, negotiate terms, and close on the deal by Oct. 31.
Kimball said Joslin had done nothing with the development project in the months before he succeeded Kahn. "It was just on hold, waiting a restart with the new CEO," he said.
"The thing that we're most focused on is making sure that we have adequate space, and we need to update our lab facilities," he said.
"What we're talking about is for us a modest amount of research growth. Our role as a business partner will be minimal."
Christopher Rowland can be reached at
crowland@globe.com.