Harvard Pays $40 Mil for Three-Building Housing Complex

CAMBRIDGE, MA-Harvard University is acquiring three buildings here on Pleasant Street to develop as a 120-unit housing facility. The university plans to use the complex for its students and faculty.

According to Joe Wrinn, spokesperson for Harvard, the university is paying $40 million for the two-acre site and the buildings, which is being developed by a partnership of the Polaroid Corp. and Spaulding & Slye Colliers. The property has the approvals needed to develop the units in the three buildings. Wrinn tells GlobeSt.com that the university is currently going through the final stages in the process to acquire the property.

In a released statement, the university emphasizes that the acquisition is one of its first major purchases in the city in recent years. The university also emphasizes that the project is part of Harvard’s response to the city’s call to Harvard to increase housing for its students and faculty and relieve pressure on the local housing supply. As required by city law, 18 units or 15% of the development will be developed as affordable housing.