MIT chosen to redevelop 14-acre Volpe campus
MIT was recently chosen as the partner to redevelop the 14-acre campus in Kendall Square where the U.S. Department of Transportation’s Volpe National Transportation Systems Center was housed.
MIT’s proposal surpassed those of about six major real estate development firms. It is yet unclear what MIT plans to develop in the area, though MIT has long had an interest in promoting innovation. Developing the area would also provide more housing in an area where it is in high demand.
This is not MIT’s first development project in the Kendall Square area. The Volpe redevelopment is among a growing series of projects that MIT is spearheading as part of its Kendall Square renovation initiative. Currently awaiting approval is a separate proposal to build six new buildings on Main Street as offices and housing, totaling $1.2 billion.
Historically, Kendall Square remained a byproduct of industrial development until startups, many related to MIT affiliates, started filling the area. Now the area is notable for its innovation.
Israel Ruiz, MIT’s Executive Vice President and Treasurer, notes, “MIT is committed to a vibrant Kendall Square, one of the most significant innovation clusters in the world and an important center of our Cambridge community. Naturally, MIT is interested in the future of the site, given its proximity to campus and the important role it plays in supporting the evolution of the innovative, mixed-use community in Kendall Square.”