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Osborn Village @ MIT

Osborn Village @ MIT. A proposal to redevelop the Osborn Triangle. TCB Properties Kimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade. Site Approach. Regenerate the city’s urban fabric between MIT and Central Sqare. Preserve existing street alignment.

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Osborn Village @ MIT

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  1. Osborn Village @ MIT A proposal to redevelop the Osborn Triangle TCB Properties Kimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade Osborn Village @ MIT

  2. Site Approach • Regenerate the city’s urban fabric between MIT and Central Sqare. • Preserve existing street alignment. • Creatively reuse existing buildings. • Generate activity day and night. • Remain sensitive to surrounding areas. Osborn Village @ MIT

  3. Precedents : Open Spaces Osborn Village @ MIT

  4. Precedents : New Buildings Osborn Village @ MIT

  5. Precedents: Adaptive Reuse Osborn Village @ MIT

  6. Site Plan Residential Student Housing Market Lab MIT Lab MIT Museum/ Performing Art Hotel/Extended Stay Osborn Village @ MIT

  7. Program 4% 5% 7% 9% 3% 7% 6% 37% 16% 6% Affordable Residential Retail Student/Faculty Housing Office Condominium Lab Hotel MIT Museum, Conference, Performance Extended Stay Mkt/Lux Resdential Osborn Village @ MIT

  8. Preserved Streets and Buildings Osborn Village @ MIT

  9. Site Planning Concepts Osborn Village @ MIT

  10. Transit & Retail Street Activation Osborn Village @ MIT

  11. Phasing: Existing Conditions Osborn Village @ MIT

  12. Phasing: Phase 1 Osborn Village @ MIT

  13. Phasing: Phase 2 Osborn Village @ MIT

  14. Phasing: Phase 3 - Complete Osborn Village @ MIT

  15. Gateway Plaza Street View 1 Osborn Village @ MIT

  16. Gateway Plaza Street View 2 Osborn Village @ MIT

  17. Museum Green Street Views Osborn Village @ MIT

  18. View West from Albany Street Osborn Village @ MIT

  19. Zoning and Community Relations Seek PDA designation for entire site. Required Zoning Relief • Distribute FAR across entire site (3.87 aggregate FAR). • Exceed allowable building heights (240’ vs. 120’). • Reduce required parking ratios (0.75 X Required). • Community Benefits • 2.6 acres of public open space. • 233 units of affordable housing. Osborn Village @ MIT

  20. Financial Metrics • $807 MM Total Project Cost • 15% Project-level IRR before land cost • Net Present Value: $462 million (midpoint) • Sensitivity Analysis: • $368 MM • 7% terminal cap rates (all assets sell in Yr 15) • 9% WACC (discount rate) • $575 MM • 5% terminal cap rates (all assets sell in Yr 15) • 7% WACC (discount rate) Osborn Village @ MIT

  21. Proposed Deal with MIT Ground Lease • 75-year subdivisible and assignable ground lease. • One-time payment of $25MM at lease execution. • $8MM/year land rent, escalated at 1% per year. Design Process • MIT has approval rights over Master Plan and conceptual design. MIT Space Use • MIT to lease space at market rents. Disposition • MIT has right of first offer on all asset sales. • 50/50 split of proceeds above 25% asset-level IRR to TCB. Osborn Village @ MIT

  22. Osborn Village @ MIT Osborn Village @ MIT

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