San Mateo-based SteelWave is planning to build a $241M life science on site spanning two city blocks in West Berkeley.

The project envisions the renovation of three buildings on a 3-acre site on 5th Street, between Bancroft Way and Allston Way, transforming them into campus that will be known as theLAB.

The developer also is planning to build a five-story, 415-space parking garage next door theLab. Nine structures will be demolished or moved to make way for the project, including a 144-year home on Fifth Street.

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