MIT 2030 Update: MIT to Spend $700 Million to Redevelop Kendall Square

MIT 2030 is a wide-ranging process designed to help MIT make thoughtful decisions about the physical campus and surrounding spaces such as Kendall Square.

The Kendall Square part of the equation has been in news, including New York City’s attempt to mimic the process with a plan to entice a premier university to establish a campus in the city. The MIT 2030 process advanced in November when MIT announced it is preparing to spend $700 million to redevelop eight properties in Kendall Square.

From The Boston Globe:

"Most of MIT’s work would be around the lower Main Street corridor near the MBTA Red Line station. The construction plan calls for about 1.1 million square feet of new space at eight locations in Kendall Square, including two large office, lab, and retail buildings along Main Street."

MIT officials are working with neighbors and city planners to formulate a concrete plan that may include additional housing units and the first buildings could be finished within two or three years of getting permits.

MIT 2030 adds to a burgeoning development scene in and around Kendall Square, with new buildings hosting operations for some of the pharmaceutical, biotech, and technological industries leading companies.

From MIT News:

"In the past decade, the robust ecosystem for tech and biotech innovations has drawn large multinational corporations to locate in Kendall Square, particularly those specializing in the life sciences. Since Novartis moved in, pharmaceutical giants Sanofi Aventis, Merck and Genzyme have erected research facilities in Cambridge. Biogen Idec, a biotech company co-founded by MIT’s Phillip Sharp, moved from Kendall Square to a suburban location seven months ago, and is now returning its headquarters to the square. And this week, MIT and Pfizer broke ground on a new complex that will house the company’s Cardiovascular, Metabolic, and Endocrine Disease (CVMED) and Neuroscience research units."

For more information, view the video on the 2030 website. For information on Kendall Square developments, follow @kendallnow on Twitter.