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TCBProperties Osborn Village @ MIT
TCB PropertiesKimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade
A proposal to redevelop
the Osborn Triangle
Osborn Village @ MIT
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TCBProperties Osborn Village @ MIT
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.
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TCBProperties Osborn Village @ MIT
Precedents : Open Spaces
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TCBProperties Osborn Village @ MIT
Precedents : New Buildings
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TCBProperties Osborn Village @ MIT
Precedents: Adaptive Reuse
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TCBProperties Osborn Village @ MIT
Site PlanResidentialStudent Housing
Market Lab
MIT Lab
MIT Museum/ Performing Art
Hotel/Extended Stay
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TCBProperties Osborn Village @ MIT
Program
5% 9%
37%
6%16%
6%
7%3%
7% 4%
Retail
Office
Lab
MIT Museum, Conference,PerformanceMkt/Lux Resdential
Affordable Residential
Student/Faculty Housing
Condominium
Hotel
Extended Stay
5% Retail 134,800 SF
9% Office 272,000 SF
37% Lab 1,076,500 SF
6% MIT Museum, Conference, 182,000 SFPerforming Arts Lab
16% Mkt/Lux Resdential 472,500 SF
6% Affordable Residential 186,000 SF
7% Student/Faculty Housing 198,100 SF
3% Condominium 94,000 SF
7% Hotel 211,500 SF
4% Extended Stay 119,700 SF100% Total Program 2,947,100 SF
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TCBProperties Osborn Village @ MIT
Preserved Streets and Buildings
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TCBProperties Osborn Village @ MIT
Site Planning Concepts
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TCBProperties Osborn Village @ MIT
Transit & Retail Street Activation
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TCBProperties Osborn Village @ MIT
Phasing: Existing Conditions
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TCBProperties Osborn Village @ MIT
Phasing: Phase 1
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TCBProperties Osborn Village @ MIT
Phasing: Phase 2
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TCBProperties Osborn Village @ MIT
Phasing: Phase 3 - Complete
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TCBProperties Osborn Village @ MIT
Gateway Plaza Street View 1
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TCBProperties Osborn Village @ MIT
Gateway Plaza Street View 2
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TCBProperties Osborn Village @ MIT
Museum Green Street Views
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TCBProperties Osborn Village @ MIT
View West from Albany Street
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TCBProperties Osborn Village @ MIT
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.
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TCBProperties Osborn Village @ MIT
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)
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TCBProperties Osborn Village @ MIT
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.
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TCBProperties Osborn Village @ MIT
Osborn Village @ MIT