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GreenWinds Triangle Identity and Innovation for MIT and Beyond Alexander Knapp, Tyson Dirksen, Matthew Flowers, Junghun Choi. The Project in Summary. 1. Iconic Sustainability The Neighborhood’s Identity a Key Program Elements MIT Energy Center MIT Live Arts Great Public Spaces
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GreenWinds TriangleIdentity and Innovation for MIT and BeyondAlexander Knapp, Tyson Dirksen, Matthew Flowers, Junghun Choi
The Project in Summary 1 • Iconic Sustainability • The Neighborhood’s Identity • a • Key Program Elements • MIT Energy Center • MIT Live Arts • Great Public Spaces • The Breezeway • Live Arts Plaza • East Circle 2 3
Iconic Sustainability • Provides a Distinctive Identity • “Shouts” Sustainability • Raises Awareness of Climate Change • Sustainability becomes the Brand • Showcases MIT’s Technical Ingenuity • Create Lasting Value for MIT and the Wider Community through Placemaking
The MIT Energy Center • On-site Cogeneration Facility • MIT Energy Initiative Research Lab & Testing Facility • Community Outreach and Education Center • Interactive BIPV Façade • Adjacent to Existing Power Plant
MIT Live Arts and Live Arts Plaza An Entertainment Destination • Large Multi-Function Performance Spaces • MIT Radio Station • Open Every Night • Attached Bar and Cafe • Reference : Penn Live
The Breezeway The Front Door for Greenmills Triangle ad • Hotel and Conference Center • Entertainment - Live Arts & Bowling Alley • Cafés, Restaurants & Bars • Student Oriented Shopping
East Circle – The Office Center A Research Destination asdfadsf • Three Major Lab/Office Buildings • The MIT Energy Center • East Node of the Central Spine • Access through to the MIT Campus
Phasing Phase One Phase Two Phase Three Phase One
Financial Proposal Key Assumptions • Cap Rate – 6% • Opportunity Cost of Capital – 8% • 10% Green Premium on Construction Costs Financial Feasibility Analysis
Deal Structure Partnership • Joint Venture between MIT IMCo and Flowappsen LLC 8 • Total Development Costs (Including Land) of $2,215M s • MIT to IMCo contribute land equity of $350M a • Developer to contribute/raise additional equity $310M Benefit to MIT • Strong Green & High-Tech Image of MIT • s • Over 53% Equity Ownership • s • Stabilized NOI of Approximately $118M per Year d