Construction will begin this week on a quarter-mile road for Pine Island's Elk Run Bioscience Center, a city official told the Star Tribune.

The road will lead up to the Elk Run's first 50,400 square foot building that will be built later this year, said Pine Island's City Administrator Abraham Algadi. The building is expected to house start-up biotech companies.

Elk Run's total property is 250 acres and officials estimate it will generate 180 jobs. Construction on the property is expected to be completed by 2013, according to a proposed development plan by Elk Run's developer Tower Investments.

Algadi said companies have signed leases to move into the building, but declined to discuss details. Algadi said it's likely the groundbreaking will happen in August.

Biotech guru Steven Burrill said last year his San Francisco-based business Burrill & Co. would raise a $1 billion fund to help develop the Elk Run property and support start-up biotech companies there.

"We have a commitment from an investor for $1 billion dollars," said Burrill in an interview with the Star Tribune in April, adding closing the commitment is "challenging."

"You don't raise $1 billion overnight," he said.

When asked if there is only one investor, Burrill declined to comment further.