The seven-story PVD Labs building under construction in Providence will include a 30,000 wet and dry lab incubator under a tentative agreement approved by the Rhode Island Life Science Hub board on Thursday. (Rendering courtesy of Ancora L&G)

Rhode Island’s first, dedicated incubator for start-up life science companies now has a home, and a developer under a $10 million, non-binding contract approved by the Rhode Island Life Science Hub board Thursday.

The quasi-public state agency’s unanimous vote came minutes after a closed-door, virtual discussion on the terms of state funding for the wet lab reserved for testing drugs, chemicals and other biological material. A term sheet outlining details of the partnership and public financing is not being made public until finalized, according to Jillian Scott, a spokesperson for the agency.

Broadly described in a press release, the draft agreement brings together the state’s nascent, life science agency with Brown University, the I-195 Redevelopment District Commission and developer Ancora L&G to house the much-anticipated state incubator within the new, seven-story health and science building already under construction in the I-195 District. 

The PVD Labs project at 150 Richmond St. broke ground in late 2022, with plans to house a new, 80,000-square-foot state health laboratory and offer 120,000 square feet for commercial life science tenants. Brown University, which has already signed as an anchor tenant with a corresponding $13 million, 10-year investment in the building, will sublease 30,000 square feet to serve as the state incubator.

The Rhode Island Life Science Hub is kicking in $9 million from its $45 million, three-year state budget for development and construction costs, among other startup expenses, with another $1 million from via the I-195 District Commission.

Neil Steinberg, chairman of the Life Science Hub, praised the panel’s decision as a “historic move,” that will help put Rhode Island on the map as a destination for life science innovation and investment.

Creating space for startup companies to research and test drugs, chemicals and other biological material was a key reason why lawmakers and industry leaders wanted a dedicated Rhode Island life science agency.

“The development of this lab space is a transformative step for the life sciences community in Rhode Island,” Steinberg said in a statement. “The project meets an urgent need for modern, incubator lab facilities in the state to support existing life science companies and attract new ones.”

Ancora was one of three companies that submitted proposals in response to a competitive solicitation issued in April. Other bids were not immediately available, though the tentative selection of Ancora comes after a “comprehensive evaluation process” by a board subcommittee, according to an agency statement.

The Life Science Hub board still has to negotiate and approve a final, binding agreement, a timeline for which has not been set.

The incubator is expected to be open and operating by the end of 2025.

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