A dozen former and current MIT and Harvard professors and other individuals have won a key victory in their suit against the developer of 303 Third St. for reneging on its promise to establish a new condominium community in Cambridge.

The Suffolk Superior Court has just issued a preliminary injunction against the developer, prohibiting it from renting or leasing the condominium units it is supposed to convey to the plaintiffs in the case. Attorney Jeffrey Upton of Hanify & King, argued the motion on behalf of the plaintiffs.

The complaint, filed in April, cites the developer’s failure to designate a closing date for the condominiums and its failure and refusal to record the condominium master deed and bylaws, preventing the buyers from taking ownership and moving in. 

The developer, 303 Third SPE LLC, is a joint venture of EQR and Extell Development.

During and past two years, 303 Third Street has been marketed as the University Residential Communities at MIT with the benefit of being near the MIT campus and other academic and cultural attractions. The idea for the community originated with former MIT and Harvard faculty seeking a stimulating environment and residences that will provide supportive services for an aging population. They group said they sought to develop the University Residential Communities at MIT as a cooperative ownership structure and also committed 22 units to the city of Cambridge for affordable housing. 

The developer allegedly told the Cambridge Planning Board that it is considering converting the building to rental housing, despite having signed 38 purchase and sale agreements for condominiums in the building.

"The plaintiffs just want the new homes they contracted to buy from the developer," said Upton on behalf of the plaintiffs. "They have been waiting patiently to close on these condominiums.  The developer cannot simply ignore its obligation to the buyers and rent the units to other people."