MIT has presented their update plan for Kendall Square in Cambridge. Kendal Square is currently one of the hottest office markets nationally with record rents for Class A & B office space. Major tenants include Microsoft and Google.
The Kendall Square Initiative aims to create a vibrant mixed-use district featuring six new buildings on what are now MIT-owned parking lots in the East Campus/Kendall Square area, including three buildings for research and development, two for housing, and one for retail and office space. The plan will produce approximately 250 net new housing units for graduate students and approximately 290 new housing units for market use, more than 100,000 square feet of new and repositioned ground-floor retail, and nearly three acres of new and repurposed open spaces — in addition to providing research and development space in support of Kendall Square’s growing innovation district.
The Initiative was developed as a result of approximately seven years of internal and external dialogue. The Cambridge City Council approved new zoning for MIT’s properties in the East Campus/Kendall Square area in 2013, laying the foundation for the advancement of the mixed-use proposal.