An economic analysis of the proposed Volpe project in Kendall Square was heard for the first time Tuesday night by the Planning Board, and the results put the economic prospects “at the margin,” according to Tom Evans, executive director of the Cambridge Redevelopment Authority.
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According to the analysis, Evans told the board, redevelopment of the 14-acre parcel in Kendall Square would leave a real estate developer with $280 million to cover the cost of building a replacement Department of Transportation research center and any environmental remediation (necessary because of Kendall’s industrial past), as well as other potential costs.
No one is sure just how much Volpe’s 400,000-square-foot facility might actually cost, but if the full estimated $280 million went to it, it would be $700 per square foot. But the costs could be as much as $1,000 per square foot, according to city councillor Dennis Carlone, an architect and urban designer.
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The board heard a summary of recommended changes from city planning staff to the Volpe zoning, as well as took public comment.
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For instance, the limitation of a single 500-foot-tall building was modified to allow the board to waive the single-building limitation if a compelling case was made. And the limit of 10 percent of the area being allowed to rise above 250 feet could be waived. The board also adopted transportation recommendations from city staff, and reduced the parking requirement for office space to match the lower level parking requirement for research and development space.
The council’s Ordinance Committee will take up the Volpe petition Dec. 1.