The Massachusetts Institute of Technology
is looking to improve the Kendall
Square area in an interesting an ambitious way. The
reputation that this neighborhood of Cambridge
has is one that is not very pedestrian or resident friendly. What
seems to be the issue is that despite its great location from its
close proximity to Boston, Kendall Square has
been left as a ghost-like commercial sector that generally only
exists as a place to be during the weekdays from 9:00AM – 5:00PM.
MIT looks to change this in a dramatic and groundbreaking way.
The plan calls for roughly $700 million dollars to be invested
into eight of the large properties and buildings that MIT already
owns within Kendall Square. With
the main MIT campus so close to Kendall Square, a
mere 0.6 miles, it seems obvious that it is in the Universitys best
interest to do whatever it can to ensure that the longevity of the
area is strong and improves. What this redevelopment has in the
works already is the construction of 5 million square feet of lab
and office space that when completed, are estimated to have a
property value of around $2 billion dollars. All of this will soon
be accompanied by developments of some 1.1 million square feet
dedicated to increased lab space, retail locations and two large
office buildings all along Main Street.
This whole production is apart of the larger 20-year capital
plan that MIT has set for the Kendall Square
Initiative. Attracting large corporations for research and lab
purposes is all in the works. Establishing Kendall Square as a
hub for such activity is certainly beginning to inject enthusiasm
and purpose into the area. Pfizer Inc., a world renowned
pharmaceutical company has been brought in and will be housed
within a 230,000 square foot building for research purposes on Main
Street as well. Sanofi-Aventis and Novartis are just two of the
many other notable large firms that MIT is working with in order to
encourage their participation in this project of positively
transforming Kendall Square to something that it has never
previously been.
There has been a need for more residential real estate in the
area. This study is all being conducted by a Boston urban design
and architectural company, Good Clancy. The housing issue is
something that after much deliberation is now being taken more
seriously, and upwards of 120,000 square feet of living space has
been reported to be built and even this figure is expected to rise.
An outdoor plaza near the Kendall Square T
station is also due to have everything from trees, benches and new
street lights; all to improve the pedestrian feel in the
neighborhood.
It appears as though things truly are turning around within the
Greater Boston Area. With such exciting announcements it shows how
much the city is expanding. Moreover, we are seeing how places like
Kendall Square,
thanks mainly to MIT, are establishing themselves as a popular
destination in their own right, a place that will be defined by
innovation.
Source: Boston.com, Boston Biotech Building
Boom
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