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The Massachusetts Institute of Technology's $1.2 billion development plan for its Cambridge area — dubbed the Kendall Square Initiative — took "a key step forward" Tuesday, as the university submitted its plans to the Cambridge Planning Board for review.
The proposal calls for six new buildings — three for research and development, two for housing and one for retail and office space — on university-owned parking lots.
“[Tuesday's] filing represents a key step forward in getting to an exciting future for Kendall Square,” Israel Ruiz, MIT's executive vice president and treasurer, told MIT News. “It will likely take six to 10 years to complete this vision, but I am really thrilled about how Kendall Square and MIT’s East Campus will be positively transformed in the coming decade.”
MIT News detailed the proposal's planned developments:
The Initiative will produce 500 net new housing units for graduate students and for market use, more than 100,000 square feet of new and repositioned ground-floor retail, and nearly 3 acres of new and repurposed connected open spaces — in addition to providing research and development space.
The first planning board meeting on the proposal will likely take place in September, according to MIT.