Already set to build a 1.8-million-square-foot development in Kendall Square, the Massachusetts Institute of Technology will get the first chance to redevelop the federal government’s 14-acre Volpe Center property at 55 Broadway.
But neither the university nor the federal government are giving any specifics about what MIT has proposed there or how much it’s willing to pay.
The U.S. General Services Administration in June solicited proposals from developers for the Volpe site, which contains six office buildings and several large surface parking lots. The chosen developer would be required to provide space for the existing U.S. Department of Transportation offices on the site, which would remain under federal ownership.
GSA spokesman Patrick Sclafani said no details of the MIT submission would be released following its selection as the preferred developer. The next step is selection of the design team by the GSA and MIT.
Just how much development could be permitted on the site also remains a moving target. Presentation materials in 2015 submitted to the city by consultants HR&A Advisors assumed a 3-million-square-foot development and building heights from 250 feet to 500 feet.
A working group consisting of community, business and city government representatives formed this fall will study the site and advise the city council and planning board on the rezoning.
“MIT is committed to a vibrant Kendall Square, one of the most significant innovation clusters in the world and an important center of our Cambridge community,” MIT Treasurer Israel Ruiz said in a statement. “Naturally, MIT is interested in the future of the site, given its proximity to campus and the important role it plays in supporting the evolution of the innovative, mixed-use community in Kendall Square.”
MIT is already poised to begin a large development project on 8 acres that it owns in Kendall Square, with plans approved by Cambridge officials for offices, lab space, retail stores and graduate student apartments.
Demand for office and lab space is intense in Cambridge’s current market, with rents topping $70 per square foot and vacancies in the low single digits. The tight supply has prompted developers to look at major new projects, including Boston Properties’ 1.1-million-square-foot Kendall Square development anchored by a 19-story, 453,768-square-foot office tower, which would be leased to Akamai Technologies. That would free up nearly 500,000 square feet that Akamai occupies in six existing buildings in Cambridge. And Alexandria Real Estate Equities is planning to break ground next year on a 172,500-square-foot office and lab building at its just-acquired One Kendall Square complex.
