RandomWalk
Senior Member
- Joined
- Feb 2, 2014
- Messages
- 3,026
- Reaction score
- 4,270
All of the Volpe replacement requirements, aside from the Kendall proximity, scream for it to be located on a portion of the Hanscom property.
I believe that the GSA already specified that the replacement building must be on the current site. I also believe that MIT has programmed those buildings, most of them for academic or residential use.
All of the Volpe replacement requirements, aside from the Kendall proximity, scream for it to be located on a portion of the Hanscom property.
Equilibria -- we don't know what is in the RFP as the story says the GSA wont reveal it citing some governmental prerogatives
As to the MIT buildings -- the SoMA and NoMA are specifically not academic buildings although you can argue that there might be some overlaps with maker spaces and the MIT Museum and such
Yes some of the buildings are devoted to graduate student and young faculty / staff housing
But I think that there is sufficient flexibility in both the MIT plans and the Volpe site to accommodate both MIT's and the Volpe's needs
If I have one concern its that with all the extra green space planned for the MIT Kendall and the desire of some activists to make Volpe in to a big park -- that the opportunity of a lifetime to redo Kendall / Volpe will be missed
It was well-reported by CambridgeDay and others. Now, that only accounts for Volpe wanting to stay in Kendall - it's possible that elsewhere in the immediate area would be acceptable. MIT, however, has no motive to turn over sites immediately adjacent to campus to a non-MIT use, and has no institutional incentive to reap a return the Volpe site quickly. They could afford to wait.
After further thought, I'll guess the possible reason for the secrecy is that MIT has offered up a site for existing Volpe, possibly along Vassar near Cambridgeport. And that the GSA has asked the finalists to propose as an alternative what they would do with the existing Volpe site, with MIT as a partner. Thus, an alternative with MIT as a partner, and a proposal without.
With MIT as a partner, you would pick up another 400,000 feet (allocated to Volpe).
MIT has no interest in being a residential landlord, and both MIT and a partner would want to secure a long-term income stream from businesses willing to pay premium prices, e.g., $80+ a square foot. The revenue stream from business will offset the lower stream from residences (including affordable housing).
With Volpe gone elsewhere, you'd get perhaps 400,000 sq ft of developable land area (after deducting for open space), Assuming you're allowed a max of 2 million gsf, of building, there is little benefit to going tall, unless you have a tenant who is willing, for ego purposes, to lease a very big chunk of space in a tall.
As a developer, you'd would want to offer space that appeals to a variety of business tenants and meets their varying needs.
For reference, Chiofaro's tower(s) were about 1.3 million gsf on 53,000 sq ft.
If MIT is a partner/owner, what would be the property tax implications?
Not unless they use a portion for educational purposes. The property tax exemption is for educational use. If it is used for commercial/residential then it should still be taxed.
Only if they pulled something like the GE deal with having the government still own the land and the buildings could they avoid taxes.
If MIT is a partner/owner, what would be the property tax implications?
Not unless they use a portion for educational purposes. The property tax exemption is for educational use. If it is used for commercial/residential then it should still be taxed.
Only if they pulled something like the GE deal with having the government still own the land and the buildings could they avoid taxes.
From a recent MIT PR fact sheet:
"The Institute is Cambridge’s second largest employer and largest taxpayer, representing 13 percent of the city’s revenue stream. MIT pays taxes on its commercial property and provides an annual payment in lieu of taxes (PILOT) for property that is used for academic purposes and is legally tax exempt. In fiscal year 2015, the Institute made a voluntary PILOT contribution of approximately $2 million to the City of Cambridge and paid approximately $45 million in real estate taxes."
A Legitimate Concern. Unfortunately myopic greenies just don't know when to stop. This will be a collection of towers in a park (more likely low/mid rises in a park).If I have one concern its that with all the extra green space planned for the MIT Kendall and the desire of some activists to make Volpe in to a big park -- that the opportunity of a lifetime to redo Kendall / Volpe will be missed
They gotta go to 1000'.