Construction will soon commence on Phase I of a 900,000-square-foot Harvard Research Campus in Allston, Massachusetts. Recently, Tishman Speyer secured a $750 million construction loan from Otera Capital for the 9-acre mixed-use laboratory project.
The developer formed a joint venture with Bellco Capital, known as Breakthrough Properties, to build, lease, and manage the laboratory. Tishman is also working in collaboration with Harvard Allston Land on the Harvard Research Campus project. They both contributed over $30 million toward the project’s equity and introduced the most groundbreaking inclusionary investor initiative in Boston’s history.
Through this initiative, over 150 Black and Hispanic individuals and locals have become owners of the Harvard Enterprise Research Campus. The partners allocated 30% of the pre-construction and 15% of the construction costs to firms led by minorities and women.
Development plans for the Harvard Research Campus
Upon completion, the Harvard Research Campus will feature two laboratory buildings spanning 440,000 square feet. In addition to the lab space, the complex will have a vibrant retail component on the ground floor. Small, local retailers owned by minorities and women will make use of this portion of the property.
Furthermore, the developers will also include a 343-unit multifamily residential community, a hotel, and a mass-timber structure named the Rubenstein Treehouse. The developers expect the project to open by late 2025 or early 2026.
The first phase will start taking shape adjacent to the Harvard Business School and Harvard Science and Engineering Complex. The developers will commence with the integration of street-level shops and restaurants at the Harvard Research Campus.
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Furthermore, the property also includes over 2 acres of open space. This space will be available for residents to host various public events such as farmer’s markets, concerts and outdoor fitness classes.
The developers also intend on offering some affordable housing out of 25% of the new apartments from the initial phase. However, only individuals and families earning between 30% and 100% of the AMI will be considered for the affordable units.
Consigli Construction and Smoot Boston LLC have partnered to build the residential and hotel components of the Harvard Research Campus.
