MEMORANDUM
To: Authority Files
From: Joe Tulimieri
Date: September 1, 2011
Re: Report on Authority Land Holdings and Disposition Plans
The [Cambridge Redevelopment] Authority land holdings are as follows:
| 1. | Parcel 2 | Land available for 170,000+/- square feet biotechnology office/lab to be developed by Boston Properties for BiogenIdec. |
| 2. | Parcel 3 | Land rights for 300,000+/- square feet of biotechnology office/lab to be developed by Boston Properties for the Broad Institute. |
| 3. | Parcel 3/4 | Land air rights for 200,000+/- square feet residential use to be developed by Boston Properties. |
| 4. | Parcels 5 & 7 | Land to be developed as open space by the CRA. Federal approval in hand for $1-million first phase of this undertaking. Upon full development, ownership to be transferred to a form of land trust. |
| 5. | Parcel 6 | Land on the corner of Third and Binney for a three-unit residential use by a designated developer. |
| 6. | Broadway | Public roadway improvements utilizing a $750,000 federal appropriation secured by the Authority administered by MassHighway. |
| 7. | "Gateway" | Land along Main Street to be included with the closing of a portion of Main Street as a first phase to a "Gateway" project at the access to the Longfellow Bridge. $1.75-million earmark secured by the Authority is being folded into the MassHighway effort to improve the Longfellow Bridge. |
Attached hereto please find plans of land identifying Authority holdings with a brief synopsis of development plans.
1. Kendall Square Urban Renewal Area / Parcel 2
The land is designated for development of biotechnology office use by Boston Properties for BiogenIdec. Design Development Phase plans have been submitted and approved by the Authority. Just recently, BiogenIdec determined that its office headquarters and additional offices and lab space would be concentrated in Cambridge.
2. Kendall Square Urban Renewal Area / Parcel 2
Land air rights for 300,000+/- square feet of office/lab to be developed by Boston Properties for the Broad Institute will be constructed. Final construction drawings are being prepared. The Authority has previously approved Schematic/Preliminary and Design Development Plan submissions. Planning Department and City Council approvals have been secured.
3. Kendall Square Urban Renewal Area / Parcel 3/4
This land and air rights is designated for development of 200,000 square feet of residential use by Boston Properties and its announced residential equity partner, AvalonBay Communities, Inc. Design Development Phase plans have been submitted and approved by the Authority. Due to current residential market conditions it has been decided to postpone construction until the second quarter of 2012.
4. Kendall Square Urban Renewal Area / Parcels 5 and 7 / Galileo Galilei
The "Innovation Boulevard" open space project as envisioned by the Cambridge Redevelopment Authority is a linear open space development on Authority-owned land that stretches from the intersection of Main and Galileo Galilei Way paralleling the railroad tracks down to Fulkerson Street.
The overall project is estimated to require several years to build and will be completed through three to five separate construction contracts. The current construction cost estimate for the entire project is approximately $7,000,000 to $8,000,000, with each phase of construction ranging from $1,000,000 to $2,500,000. In addition to the $1-million Federal funds already approved, the CRA is currently pursuing a number of additional private and public funding sources.
5. Kendall Square Urban Renewal Area / Parcel 6
This land, a small parcel, is located at the corner of Third and Binney Streets. A developer has been designated to do a three-unit residential development which will be the subject matter of a request for Board of Zoning Appeals issuance of a variance. This site will combine many technological advances in housing construction methodology materials and appliances.
6. Kendall Square Urban Renewal Area / Broadway
Using $750,000 funds secured from Transportation Appropriations, MassHighway will be undertaking roadway and sidewalk improvements on Broadway. MassHighway has held public hearings and bids have been received. A bid award and construction commencement are anticipated this year.
7. Kendall Square Urban Renewal Area / "Gateway Project"
The Authority is the owner of land at the convergence of Main Street and Broadway and continuing to the MBTA portal. Working with MIT and the Traffic, Parking and Transportation Department, we have identified a reconfigured Main Street which provides a safe access to the Sloan School by eliminating a portion of Main Street and constructing a "T" intersection at Broadway on Authority-owned land. This additional land area will be a part of a full Gateway project. The Authority has assembled all of the abutters and has secured a $1.75-million Transportation Appropriation. Once the current concept plan is completed, the Authority and the Department will request City Council approval to close a portion of Main Street. By taking this action, the Council will support our efforts to fully develop the Gateway Project.
