The Massachusetts Institute of Technology (MIT), an NEC member, recently purchased the Volpe Center in Cambridge’s Kendall Square for $750 million, with plans to build a new federal transportation research facility and create a new hub for the neighborhood.
MIT signed a deal with the General Services Administration to buy the 14-acre federal research park and build a new Volpe Center for the government before developing the rest of the site for neighborhood and university use. While specific plans have not been laid out, MIT plans to meet with community members and Cambridge officials next month to discuss rezoning for the property. MIT officials hope to develop Kendall Square into a vibrant neighborhood hub with broad uses, as opposed to only the business district the Square serves as today.
“This one is an obvious opportunity to really improve the area and think about what Kendall Square is going to be like in 10 or 20 years,” said Steve Marsh, the managing director at MIT Investment Management Company.
The New England Council congratulates MIT for its purchase and looks forward to the redevelopment of the site. Read more in The Boston Globe and MIT News.