The city of Haifa and a group of local industries are planning to spend a total of NIS 500 million to build a giant Life Sciences Park in Haifa with the aim of gathering companies involved in research and development in the health field into one site, reports Yediot Haifa. The new park, which will contain 80,000 square meters of construction, will be built on a 31-dunam stretch of land next to the head offices of the Israel Electric Corporation. According to the report, the joint venture is the initiative of the municipal Economic Company together with a group of local industries, and the NIS 500 million cost will be split equally between them. A spokesman said the Life Sciences Park would be the first such park in Israel, and would bring together companies involved in a range of health sciences, including bio-technology, nano-technology and medical equipment. The report said the Life Sciences Park is being planned as a closed campus of five buildings joined by walkways, with 250 underground parking spaces for each building. A public entrance will face the Geha Highway (Kvish 4) and will contain restaurants, a bank and a post office. The first building, which will cost NIS 100 million to construct, will contain seven stories of offices above a three-story underground car park, and will have its foundation stone laid at an official ceremony this September.