On February 5, 2013 the East Cambridge Business Association released updated plans to revitalize Kendall Square as a world-renowned center of innovation. The goal of redevelopment is to create a vibrant, mixed-use district that will compliment innovations underway on MIT’s campus.
ABG Commercial is excited about the development of the PUD-5 district. As the housing market recovers, demand for residential space will continue to increase around Boston. This project, which will include approximately 300 housing units, will not only increase the supply of residential space available in the area, but will incorporate a number of moderately priced units. In addition, we believe that the development will complement the innovative area surrounding MIT’s campus. Institutional space including research facilities, labs, and student housing will promote innovation and progress in our community. Finally, the plan will close a gap between MIT and the surrounding community by providing flexible, shared spaces and opportunities for interaction.
MIT formally submitted a rezoning petition for a 26-acre parcel of land, owned by the institution, in the Kendall Square area. The petition has progressed from its original form in 2011 to include more moderately priced residential units and retail space.
Major differences in the 2011 and 2012 proposals:
The new proposed embraces a dimensional framework set forth by the K2 process, increases the number of housing units from 120 to approximately 300, while still providing commercial and institutional space.
Limitations of development include the following allowed uses:
- Residential
- Transportation
- Office and lab use
- Institutional uses, including dormitories
- Retail – Open air retail and entertainment
- Light industry
- Maximum Floor-to-area ratio (FAR) for the entire district is 3.9 (ground floor retail excluded)
- No more than 980,000 sf of new commercial space
- Maximum height for commercial buildings is 250 ft
- Two commercial buildings will be allowed a height of 300 ft given that additional use is moderate income housing
- PUD-5 district will maintain 15% open space
For the full Kendall Square Initiative presentation click here.
For updates on the progress of the Kendall Square Initiative check back here. We will be following this exciting development closely!