TCB Properties Osborn Village @ MIT TCB Properties Kimberly Rae | Peter Vanderweil | Yali Wang |...

TCBProperties Osborn Village @ MIT

TCB PropertiesKimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade

A proposal to redevelop

the Osborn Triangle

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.


Precedents : Open Spaces


Precedents : New Buildings


Precedents: Adaptive Reuse


Site PlanResidentialStudent Housing

Market Lab

MIT Lab

MIT Museum/ Performing Art

Hotel/Extended Stay


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


Preserved Streets and Buildings


Site Planning Concepts


Transit & Retail Street Activation


Phasing: Existing Conditions


Phasing: Phase 1


Phasing: Phase 2


Phasing: Phase 3 - Complete


Gateway Plaza Street View 1


Gateway Plaza Street View 2


Museum Green Street Views


View West from Albany Street


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.


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)


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

TCB Properties Osborn Village @ MIT TCB Properties Kimberly Rae | Peter Vanderweil | Yali Wang |...

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