Lake Fong , Post-Gazette With a drawing of the development beside him, Mayor Luke Ravenstahl talks yesterday about Bridgeside Point II, a $65 million investment in labs and offices that will sit alongside its namesake in the Pittsburgh Technology Center.

By Rich Lord, Pittsburgh Post-Gazette Bio is a safe bet.

That's the message Pittsburgh Mayor Luke Ravenstahl and developer The Ferchill Group brought to South Oakland yesterday, as they touted a $65 million investment in labs and offices for which there is, as yet, no tenant.

"This is how we're going to revitalize this city," said Mr. Ravenstahl, speaking in the cafeteria of Bridgeside Point, a fully leased Petri dish of biotechnology companies.

"I really believe that this can and will be the future of this economy."

The 150,000-square-foot Bridgeside Point II will sit alongside its namesake in the Pittsburgh Technology Center. It will be one-third office space and two-thirds lab. Once filled, it could host 400 jobs, according to the developer.

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The Ferchill Group is convinced that the new development will, in fact, be fully occupied since the company has been forced to turn away prospective tenants from Bridgeside Point, which it also built.

"There are people that would like to be in here now," said Marty Herman, president of The Ferchill Group.

"There's very limited space available in the Oakland area," which is where most local biotechnology firms come from and want to be near.

That's why his company is willing to build a $46 million sequel, with $2.25 million in public money from the state going toward construction costs.

It's also why the mayor is betting $19 million in local tax money for road improvements and a 750-space parking garage.

"There is clearly the need" for the building, Mr. Ravenstahl said, "and the economy itself and the future of this city will drive this project."

Groundbreaking should occur in three months, and tenants could be moving in a year later, said Mr. Herman.

The University of Pittsburgh spins out five to 10 companies a year, roughly three-fourths of which are health science-related, said Marc Malandro, associate vice chancellor for technology management and commercialization.

"Life and health science companies need very specific kinds of lab and office space," he said. The new building "has, in my opinion, a very easy chance to be full."

The Pittsburgh Life Science Greenhouse has 17,000 square feet of lab and office space for new companies, but it is full.

The city's Urban Redevelopment Authority board voted yesterday to sell the 1.6-acre site to The Ferchill Group for $300,000 an acre.

The URA hopes the area will eventually feature five new office buildings and three garages, which could involve $43.3 million in public investment. Most of that would be raised through tax-increment financing, in which the URA borrows money to aid development and pays it back using future property tax revenue generated by the new development.

Bridgeside Point II is the biggest commercial deal to come to fruition in Mr. Ravenstahl's tenure.

He said that the city's investment is different from past subsidies such as Mayor Tom Murphy's heavy backing of the Downtown Lazarus store, now closed and being renovated into condominiums, office and retail space. The local tax money will go for infrastructure work rather than a privately owned building, and it will back a growth industry, not retail.