How The Massive Life Sciences Bet By IQHQ, Bank OZK Became A Symbol For A Shifting Market

The fate of San Diego’s $1.6B Research and Development District has taken on new importance as a main contributor to the financial struggles of a regional bank that happens to be the nation’s largest construction lender. 
RaDD, a 1.7M SF multi-use life sciences project with no lab tenants months before its opening, was at one time heralded as a major economic driver for San Diego, with its developer securing $915M worth of financing from Bank OZK. Now the project is on a shortlist of reasons Citibank analysts lowered Bank OZK’s rating from “buy” to “sell.”
Developer IQHQ broke ground on the project in 2021, as…
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