New York City is doubling down on its long-discussed, never-realized dream of building a biotech hub to rival South San Francisco and Boston. The latest iteration of the dream comes backed by a $500 million financing package and a goal to quadruple the amount of R&D space in the city.

City officials sketched out the funding that is available as part of a request for proposals about how to increase the amount of life science space on the rental market.

The centerpiece of the plan is a $100 million investment by the city in a life science campus. Officials envisage the site serving as an institutional anchor for the New York biotech community while also providing a space for entrepreneurial training and R&D partnerships. Key details such as the location of the campus are yet to be nailed down.

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