MIT President L. Rafael Reif said in a letter to the institute community that the availability of the Volpe parcel nearby its Cambridge campus was “an opening that will not come again.”

He added, “When this parcel became available, it felt obvious to us that we should pursue this unique opportunity to work with the city and our Cambridge neighbors to help shape the future of the Kendall Square neighborhood, so that it would serve both MIT and the broader community.”

The details of the future development to be built at the site by MIT are still undetermined, but Reif said that MIT “is inspired by the possibilities.”

A series of community meetings, as well as a formal review and approval by the City of Cambridge will flesh out the details of the project. MIT has already scheduled community meetings at noon and 6 p.m. on Thursday, Feb. 9. Details about those sessions and their locations are to be announced.

MIT states that its plans will be guided by the extensive study and analysis of Kendall Square and the Volpe parcel that have taken place over the last several years. For example, the City of Cambridge has developed a comprehensive set of urban planning principles that address the Volpe parcel's scale and uses, and encourages the creation of a dynamic area with housing, open community spaces, and retail and other commercial venues. In 2015, Cambridge filed and advanced a comprehensive rezoning proposal for the parcel.

EVP and treasurer of MIT Israel Ruiz says the institute will use the redevelopment opportunity to help foster the emerging image of Kendall Square as a world-class innovation hub. The continued growth in Kendall Square will only enhance academic-industry connections and help MIT-invented technologies move more quickly from lab to market, he says.

“We fully expect that a developed Volpe parcel will contribute to creating an even more exciting Kendall Square,” Ruiz says. “MIT's engagement with the Volpe property will allow us to further help shape the local innovation ecosystem and create a great neighborhood. We expect to work with the city and community to create a development that provides long-term benefits for our industry collaborators, our neighbors, the City of Cambridge, and for the Institute itself.”

CAMBRIDGE, MA—The Massachusetts Institute of Technology has signed an agreement to redevelop the highly sought after John A. Volpe National Transportation Systems Center property here. MIT will pay the General Services Administration $750 million for the 14-acre parcel in Kendall Square.

The agreement calls for MIT to design and build an approximately 400,000-square-foot, state-of-the-art federal facility to replace the aging Volpe Center. Upon completion of the new facility, the remainder of the 14-acre campus totaling approximately 10 acres will be transferred to MIT. The purchase of the Volpe Center property is being administered by the institute's investment arm, the MIT Investment Management Co., which manages the assets that comprise MIT's endowment, its real estate portfolio and its employee pension program.

The campus at 55 Broadway in Kendall Square currently consists of six buildings with a total approximate gross floor area of 375,000 square feet, two surface parking lots, and open, landscaped land. Owned by the U.S. Department of Transportation, the Volpe Center has been at its current location for 45 years and is surrounded by Broadway, Third Street, Binney Street, and the Mid-Block Connector.

Last week, MIT announced it had reached an agreement with the GSA on the Volpe Center property purchase and redevelopment. The signing of the deal marked GSA's official acceptance of MIT's $750-million bid, which includes the cost of construction of the new Volpe Center facility. Last November, the GSA announced its initial acceptance of MIT's bid over multiple other offers. In August 2014, GSA released a Request for Information seeking input from the real estate development community, which yielded significant interest. In June 2015, GSA, in consultation with DOT, issued the Request for Qualifications, which was the first phase of the two-phase solicitation process, followed by the issuance of a Request for Proposal in 2016.

MIT President L. Rafael Reif said in a letter to the institute community that the availability of the Volpe parcel nearby its Cambridge campus was “an opening that will not come again.”

He added, “When this parcel became available, it felt obvious to us that we should pursue this unique opportunity to work with the city and our Cambridge neighbors to help shape the future of the Kendall Square neighborhood, so that it would serve both MIT and the broader community.”

The details of the future development to be built at the site by MIT are still undetermined, but Reif said that MIT “is inspired by the possibilities.”

A series of community meetings, as well as a formal review and approval by the City of Cambridge will flesh out the details of the project. MIT has already scheduled community meetings at noon and 6 p.m. on Thursday, Feb. 9. Details about those sessions and their locations are to be announced.

MIT states that its plans will be guided by the extensive study and analysis of Kendall Square and the Volpe parcel that have taken place over the last several years. For example, the City of Cambridge has developed a comprehensive set of urban planning principles that address the Volpe parcel's scale and uses, and encourages the creation of a dynamic area with housing, open community spaces, and retail and other commercial venues. In 2015, Cambridge filed and advanced a comprehensive rezoning proposal for the parcel.

EVP and treasurer of MIT Israel Ruiz says the institute will use the redevelopment opportunity to help foster the emerging image of Kendall Square as a world-class innovation hub. The continued growth in Kendall Square will only enhance academic-industry connections and help MIT-invented technologies move more quickly from lab to market, he says.

“We fully expect that a developed Volpe parcel will contribute to creating an even more exciting Kendall Square,” Ruiz says. “MIT's engagement with the Volpe property will allow us to further help shape the local innovation ecosystem and create a great neighborhood. We expect to work with the city and community to create a development that provides long-term benefits for our industry collaborators, our neighbors, the City of Cambridge, and for the Institute itself.”