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SEATTLE-After clinching a deal to buy property from Bank of America, Lowe Enterprise Northwest began redeveloping the block where B of A’s Eastlake branch operated.

The Brentwood, CA-based real estate company paid just less than $4.5 million for the 1.5-acre site at 1616 Eastlake Ave. Plans for the 164,000-sf biotechnology and office building, which will rise between the University of Washington and Downtown, include infrastructure and amenities designed to appeal to the research and biotech communities, such as strong floors and heating and cooling systems that will accommodate laboratory uses.

But traditional businesses are welcome too. Lowe also intends to build another B of A bank branch in addition to the new building.

Architects for the building is NBBJ, and the general contractor is Sellen Construction. Lowe expects the building will be open for occupancy by the fourth quarter of next year.

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