Two Black-owned businesses from the Boston area are teaming up with The Fallon Co., a large commercial real estate developer, to build a $1 billion life sciences complex at the Wentworth Institute of Technology on one of its campus' athletic fields, according to a report from the Boston Globe.

Owens Companies, one of the city’s oldest Black-owned commercial moving companies, and Waldwin Development, led by successful Black businessman Clayton Turnbull, will assist with plans for a 640,000-square-foot, two-building complex, according to filings from the Boston Planning & Development Agency.

The group, known as the Huntington Development Group, in which Owens and Waldwin Development will own half the equity, says the complex will include ground-floor retail, restaurant spaces, 410 underground parking spots, and more, according to the Boston Globe.

“There’s a lot on the line and it’s not just money,” Turnbull, who owns 20 franchises of the Dunkin’ brand in Massachusetts, told the Boston Globe. “It will be a great thing for the city and the neighbourhoods.”

It is the first deal for the development group, which impressed the college with its vision, according to the Boston Globe.

The complex, on 500 Huntington Ave., is expected to be a boon for the Longwood area and could be a hub for diversity, research, and development.

Plans to redevelop the site began in 2019 when Wentworth president Mark Thompson took over. The three-acre site was proposed for development, but plans fell through, according to the Boston Globe.

Because it is close to medical and academic facilities, the idea for the life sciences complex was born.

“They were the most clear in terms of understanding the importance that we place on diversity, equity, and inclusion ... not only with the partnership itself but also the (other) companies that will be involved in the design and development,” Thompson said. “I’m just really pleased to have partners who are going to create what I know is going to be a state-of-the-art facility. ... I’m really pleased about the value it will add for our students and the community as well.”