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With a new chief executive now at its helm, Activation Capital has nixed long-held plans to build a research lab on a downtown parking lot, and is now planning to situate the project elsewhere.

The organization, which supports companies and entrepreneurs in the life sciences sector, has decided to not use its property at the corner of Eighth and Jackson streets in Richmond as the site for what has long been envisioned as a 100,000-square-foot, multi-story research lab facility, CEO Mike Steele said.

Steele, who was named the organization’s president and CEO last week, said Activation Capital is still committed to the project, albeit on a smaller scale and at a yet-to-be-announced location. He said the facility would serve the same purpose as the origi

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