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Osborn Campus. Expansion of The Campus - An Enduring MIT Community. Phoenix Development Group Bozho Deranja, Anthony Guma, Tianjin Luo, James Rizzo. Osborn Campus / Phoenix Development. EFFICIENT FLEXIBLE ENDURING SUSTAINABLE
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Osborn Campus Expansion of The Campus - An Enduring MIT Community Phoenix Development Group Bozho Deranja, Anthony Guma, Tianjin Luo, James Rizzo
Osborn Campus / Phoenix Development EFFICIENT FLEXIBLE ENDURING SUSTAINABLE PREPARED PRODUCTIVE Osborn Campus
Osborn Campus Creating Synergies • Adaptive Reuse • Flexible Design • Efficient Energy • 24 Hour Activation • Complimenting Cluster Plan • Strengthening the MIT Image Providing Returns • $350 Million Paid Upfront • 4 phase construction • Flexible to MIT’s needs • And to the Market’s • Experienced management • Attracting Students and Faculty Osborn Campus
Program Residential Office Retail Hotel Conference Center Lab Academic Total 483,576 762,899 76,701 303,477 62,619 557,052 857,936 3,104,260 SF Osborn Campus
Residential Lab Office/ Academic Mixed Use TOD Corner 5 SYNERGETIC CLUSTERS Osborn Campus
TOD Mixed-Use • 100% Corner • Mass. Ave. • MIT • Service to Business • Urban Ring • Activation Osborn Campus
Academic • The Corridor Continues • Campus Feeling • Flexible Space • Industry Relations / Lively Environment Osborn Campus
Lab / Bio-tech • Proximity to Tech Sq. • Premium Rents • MIT - relationship • Flexible Space • Biotech Campus Osborn Campus
Residential • Neighborhood History • Walk-able living • Shared Views • 24 Hour Activation • Proximity • Kendall SQ / Central SQ /Urban Ring Osborn Campus
Mixed Use – Mass. Ave. • MIT & Central • Bridging the Gap • Critical Mass • Hip / Modern Hotel • 5 Star Restaurant / Bar • Desirable Office Address Osborn Campus
Value Drivers MIT City of Cambridge Activation of Surrounding Neighborhood Tax Benefit / Low Draw on Services Reasonable FAR of 4.0 Planned Unit Development Mixed Income Housing 24 Hour Walk-able Environment Job Creation • Functional and Flexible Academic Facilities • $350 million proceeds • An Extension of Campus • 600 student beds by 2011 • 600,000 sq. ft. Academic Space by 2012 • MIT Retains Ownership • Professional Management • Strengthened Relationship with Community & Industry Osborn Campus
Development Deal • $350 Million Upfront for 99 year Ground Lease • $1 per year lease – MIT Retains Land Ownership • Figures based on 8% WACC and 6.5% Cap Rate • Phoenix Development Owns Builds (Sans Academic) • Academic Buildings Built at cost plus Developer’s Fee ($146,571,685) • MIT Retains Right of First Refusal for All Non Academic • Phoenix Development Group Professionally Manages Properties Osborn Campus