Phase I of the 900,000-square-foot mixed-use Harvard Enterprise Research Campus project, which will be situated in the Allston area of Boston, has been funded with $750 million by the New York City-based real estate juggernaut Tishman Speyer.
Together with the Harvard Allston Land Company, Tishman Speyer is developing the project. The Harvard Science & Engineering Complex and the Harvard Business School are nearby the property in Allston.
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Breakthrough Properties, a partnership between Tishman Speyer and Bellco Capital, will construct the first phase of the Enterprise Research Campus. It will include a 345-unit multi-housing building, a hotel, and a conference centre run by Harvard University. Additionally, it will have two cutting-edge laboratory buildings.
Further, the development will have a number of street-level stores and eateries. There will also be more than two acres of open space for a variety of public events. These include farmer’s markets, concerts, and outdoor fitness classes. The property is located on 9.4 acres in Allston, Massachusetts, close to the Harvard Business School and Harvard Science and Engineering Complex. It is also at the centre of the largest life science and innovation cluster in the world.
More on the Harvard Enterprise Research Campus
For households making between 30 and 100 per cent of the regional median income, 25% of the multifamily component’s units will be designated as affordable housing.
“This project will create new opportunities and places for students, faculty and our neighbours in Allston and will complement the cutting-edge institutional research taking place on Harvard’s campus and throughout the region,” says Carl Rodrigues, CEO of Harvard Allston Land Co.
Otera Capital, based in Montreal, with offices in Toronto and New York, was the head of the group of lenders that provided the debt. Tishman Speyer anticipates starting construction before the end of the month and completing the delivery of the buildings in phases between 2025 and 2026 thanks to secured funding and permits.
