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JV to Develop 24-Story Tower

CAMBRIDGE, MA-Principal Real Estate Investors and Twining Properties will develop a 324-unit, 24-story luxury residential tower in Kendall Square above a 1,400-car underground parking garage adjacent to MIT.

By Naomi Grossman | Updated on February 03, 2004

CAMBRIDGE, MA-A joint venture between Principal Real Estate Investors and Twining Properties is planning to develop a luxury residential tower in Kendall Square adjacent to the Massachusetts Institute of Technology. The 24-story tower will consist of 324 apartments and will be the tallest building in the 1.3 million sf Kendall Square project. Development costs were not disclosed.

Twining Properties acquired development rights above 1,400-car underground parking garage from Lyme Properties and plans to commence construction later this year. Lyme Properties is the master developer for Kendall Square and has recently completed the new Genzyme headquarters, research labs for Vertex and the garage.

A requirement of the Kendall Square masterplan is that each building be designed by a world-class architect. The apartment tower will be designed by CBT Architects and will feature a 230- foot glass façade to form a beacon visible from Boston. The tower will include retail space and a health club and be connected to a luxury hotel and situated directly across the street from a performing arts center.

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