University Park Today
University Park is a mixed-use development, comprising a combination of office and laboratory buildings that are home to several biotechnology companies, residential developments, retail areas, and parks and open space. While MIT continues to own the land, Forest City holds long-term leases. The last new building on the MIT-owned land was completed in 2005.
The project includes 668 rental apartments, more than was originally planned, because demand for housing in Cambridge outstripped that for office space by the time of the project's completion. Much of the housing is concentrated on the west side of the redevelopment area, bordering the established residential areas in Cambridgeport. Other residential units include a high-rise apartment tower and several MIT graduate student dormitories.
The Kennedy Biscuit building was preserved and converted to loft housing. The former Sears shoe factory building was converted to office space.
Some of the other older buildings in the area adjacent to the MIT-owned property have also been renovated. The former Necco building now houses a research unit of the pharmaceutical company Novartis. At the opposite end of the city-designated "revitalization area", the former Ford plant near the Boston University Bridge, originally built in 1913, has also been converted to office space.
As of 2012, plans for further major developments have been announced along Massachusetts Avenue.
Read more about this topic: University Park At MIT
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