GreenWinds Triangle Identity and Innovation for MIT and Beyond Alexander Knapp, Tyson Dirksen, Matthew Flowers, Junghun Choi
Dec 31, 2015
GreenWinds TriangleIdentity and Innovation for MIT and
Beyond
Alexander Knapp, Tyson Dirksen, Matthew Flowers, Junghun Choi
The Project in Summary
1 Iconic Sustainability• The Neighborhood’s Identitya
Key Program Elements • MIT Energy Center• MIT Live Arts
Great Public Spaces• The Breezeway• Live Arts Plaza• East Circle
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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
Large Multi-Function Performance Spaces
MIT Radio Station Open Every Night Attached Bar and Cafe Reference : Penn Live
An Entertainment Destination
The Breezeway
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Hotel and Conference Center Entertainment
- Live Arts & Bowling Alley Cafés, Restaurants & Bars Student Oriented Shopping
The Front Door for Greenmills Triangle
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
Program
Phasing
Phase One
Phase One
Phase Three
Phase Two
Financial ProposalKey Assumptions
• Cap Rate – 6%• Opportunity Cost of Capital – 8%• 10% Green Premium on Construction Costs
Financial Feasibility Analysis
Value by Type NPV PGSF NPVOffice 222.07 115,892,285 Retail 64.66 11,158,023 Hotel 291.91 42,004,853 R&D - Lab 230.05 121,979,594 Residential 14.90 7,220,477 Resid-Lux 123.31 43,463,665 PA Center 24.85 1,189,816 Confr Cntr 0.90 44,687 MIT 108.88 52,278,106 Resid-Sale Condos - - Parking (no indirect costs included) (40,187,563) Total (6.0% Cap Rate) 355,043,942
Deal StructurePartnership• Joint Venture between MIT IMCo and Flowappsen LLC8• Total Development Costs (Including Land) of $2,215Ms• MIT to IMCo contribute land equity of $350Ma• Developer to contribute/raise additional equity $310M
Benefit to MIT• Strong Green & High-Tech Image of MITs
• Over 53% Equity Ownerships
• Stabilized NOI of Approximately $118M per Year
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