PharmaSphere deal canceled
By Lisa Eckelbecker TELEGRAM & GAZETTE STAFF
leckelbecker@telegram.com
Wednesday, February 2, 2011
http://www.telegram.com/article/20110202/NEWS/102020333
WORCESTER — The city has broken off a land-and-loan deal with PharmaSphere LLC, a company that wanted to build a futuristic plant-growing center on a vacant stretch of South Worcester property.
PharmaSphere failed to meet a Monday deadline to raise the necessary financing for its proposed 50,000-square-foot facility at 49 Canterbury St., according to Timothy J. McGourthy, the city's acting chief development officer.
“They're going to have to look for a new parcel and a new source of funding if they want to move forward,” Mr. McGourthy said.
PharmaSphere Chief Executive David A. Darlington said the company could not meet the city's deadline but is still seeking money for the $16.5 million project. With about $1.3 million invested in developing the Worcester site, PharmaSphere still wants to build there, Mr. Darlington said.
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