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

TCBProperties Osborn Village @ MIT

TCB PropertiesKimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade

A proposal to redevelop

the Osborn Triangle

Osborn Village @ MIT

TCBProperties Osborn Village @ MIT

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.

TCBProperties Osborn Village @ MIT

Precedents : Open Spaces

TCBProperties Osborn Village @ MIT

Precedents : New Buildings

TCBProperties Osborn Village @ MIT

Precedents: Adaptive Reuse

TCBProperties Osborn Village @ MIT

Site PlanResidentialStudent Housing

Market Lab

MIT Lab

MIT Museum/ Performing Art

Hotel/Extended Stay

TCBProperties Osborn Village @ MIT

Program

5% 9%

37%

6%16%

6%

7%3%

7% 4%

Retail

Office

Lab

MIT Museum, Conference,PerformanceMkt/Lux Resdential

Affordable Residential

Student/Faculty Housing

Condominium

Hotel

Extended Stay

5% Retail 134,800 SF

9% Office 272,000 SF

37% Lab 1,076,500 SF

6% MIT Museum, Conference, 182,000 SFPerforming Arts Lab

16% Mkt/Lux Resdential 472,500 SF

6% Affordable Residential 186,000 SF

7% Student/Faculty Housing 198,100 SF

3% Condominium 94,000 SF

7% Hotel 211,500 SF

4% Extended Stay 119,700 SF100% Total Program 2,947,100 SF

TCBProperties Osborn Village @ MIT

Preserved Streets and Buildings

TCBProperties Osborn Village @ MIT

Site Planning Concepts

TCBProperties Osborn Village @ MIT

Transit & Retail Street Activation

TCBProperties Osborn Village @ MIT

Phasing: Existing Conditions

TCBProperties Osborn Village @ MIT

Phasing: Phase 1

TCBProperties Osborn Village @ MIT

Phasing: Phase 2

TCBProperties Osborn Village @ MIT

Phasing: Phase 3 - Complete

TCBProperties Osborn Village @ MIT

Gateway Plaza Street View 1

TCBProperties Osborn Village @ MIT

Gateway Plaza Street View 2

TCBProperties Osborn Village @ MIT

Museum Green Street Views

TCBProperties Osborn Village @ MIT

View West from Albany Street

TCBProperties Osborn Village @ MIT

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.

TCBProperties Osborn Village @ MIT

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)

TCBProperties Osborn Village @ MIT

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.

TCBProperties Osborn Village @ MIT

Osborn Village @ MIT