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

3. Precedents : Open Spaces
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Osborn MIT

4. Precedents : New Buildings
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Osborn MIT

5. Precedents: Adaptive Reuse
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Osborn MIT

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

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

8. Preserved Streets and Buildings
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Osborn MIT

9. Site Planning Concepts
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Osborn MIT

10. Transit & Retail Street Activation
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Osborn MIT

11. Phasing: Existing Conditions
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Osborn MIT

12. Phasing: Phase 1
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Osborn MIT

13. Phasing: Phase 2
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Osborn MIT

14. Phasing: Phase 3 - Complete
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Osborn MIT

15. Gateway Plaza Street View 1
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Osborn MIT

16. Gateway Plaza Street View 2
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Osborn MIT

17. Museum Green Street Views
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Osborn MIT

18. View West from Albany Street
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Osborn 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.
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Osborn 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)
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Osborn 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.
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Osborn MIT

22. Osborn MIT
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Osborn MIT