1 / 22

Osborn Village @ MIT: Revitalizing Urban Space

Osborn Village @ MIT proposes a sustainable redevelopment plan to regenerate urban fabric, reuse existing buildings, and enhance activity levels while preserving the surrounding areas. The project includes residential, commercial, and cultural spaces, with careful consideration for design, public spaces, and transit integration. Financial metrics and proposed agreements with MIT ensure a comprehensive approach to this transformative project.

ehooten
Download Presentation

Osborn Village @ MIT: Revitalizing Urban Space

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Osborn Village @ MIT A proposal to redevelop the Osborn Triangle TCB Properties Kimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade Osborn Village @ MIT

  2. Site Approach • Regenerate the city’s urban fabric between MIT and Central Sqare. • Preserve existing street alignment. • Creatively reuse existing buildings. • Generate activity day and night. • Remain sensitive to surrounding areas. Osborn Village @ MIT

  3. Precedents : Open Spaces Osborn Village @ MIT

  4. Precedents : New Buildings Osborn Village @ MIT

  5. Precedents: Adaptive Reuse Osborn Village @ MIT

  6. Site Plan Residential Student Housing Market Lab MIT Lab MIT Museum/ Performing Art Hotel/Extended Stay Osborn Village @ MIT

  7. Program 4% 5% 7% 9% 3% 7% 6% 37% 16% 6% Affordable Residential Retail Student/Faculty Housing Office Condominium Lab Hotel MIT Museum, Conference, Performance Extended Stay Mkt/Lux Resdential Osborn Village @ MIT

  8. Preserved Streets and Buildings Osborn Village @ MIT

  9. Site Planning Concepts Osborn Village @ MIT

  10. Transit & Retail Street Activation Osborn Village @ MIT

  11. Phasing: Existing Conditions Osborn Village @ MIT

  12. Phasing: Phase 1 Osborn Village @ MIT

  13. Phasing: Phase 2 Osborn Village @ MIT

  14. Phasing: Phase 3 - Complete Osborn Village @ MIT

  15. Gateway Plaza Street View 1 Osborn Village @ MIT

  16. Gateway Plaza Street View 2 Osborn Village @ MIT

  17. Museum Green Street Views Osborn Village @ MIT

  18. View West from Albany Street Osborn Village @ MIT

  19. Zoning and Community Relations Seek PDA designation for entire site. Required Zoning Relief • Distribute FAR across entire site (3.87 aggregate FAR). • Exceed allowable building heights (240’ vs. 120’). • Reduce required parking ratios (0.75 X Required). • Community Benefits • 2.6 acres of public open space. • 233 units of affordable housing. Osborn Village @ MIT

  20. Financial Metrics • $807 MM Total Project Cost • 15% Project-level IRR before land cost • Net Present Value: $462 million (midpoint) • Sensitivity Analysis: • $368 MM • 7% terminal cap rates (all assets sell in Yr 15) • 9% WACC (discount rate) • $575 MM • 5% terminal cap rates (all assets sell in Yr 15) • 7% WACC (discount rate) Osborn Village @ MIT

  21. Proposed Deal with MIT Ground Lease • 75-year subdivisible and assignable ground lease. • One-time payment of $25MM at lease execution. • $8MM/year land rent, escalated at 1% per year. Design Process • MIT has approval rights over Master Plan and conceptual design. MIT Space Use • MIT to lease space at market rents. Disposition • MIT has right of first offer on all asset sales. • 50/50 split of proceeds above 25% asset-level IRR to TCB. Osborn Village @ MIT

  22. Osborn Village @ MIT Osborn Village @ MIT

More Related