City of Cambridge Takes Over Foundry Redevelopment, Boosts Funding

CAMBRIDGE, MA - The Cambridge City Council voted unanimously on Monday to accept an amendment to the Foundry Demonstration Project Plan which would make the city responsible for the design, renovations, operations and maintenance of the property.

In a letter to the Council, DiPasquale wrote that the "plan amendment reflects a substantial increase in city and Cambridge Redevelopment Authority funding, with the design and construction process to be led by the city, and with the CRA to engage an operator to manage programs, property management, and leasing."

The new funding estimate, upwards of $30 million, is just over $5 million more than the City orginally allocated for the project. Located at 101 Morse St. in Cambridge, the lot is close to the the intersection of the Kendall Square Innovation District and the East Cambridge neighborhood.

"The manager estimated that it would cost around $26-$30 million to “get this building to where we feel is appropriate for [the] people who are going to use it,” DiPasquale told the Council. He also anticipated returningg to the Council in a year to request "$13 to $18 million dollars in free cash" to start the project.

DiPasquale said construction could begin around the spring of 2019.

The City first purchased the 53,000-square-foot building, which sits on a 37,000-square-foot lot, from Alexandria Real Estate in 2012. Initially planned for resale, the Council started considering different options for the parcel late last year. As one of the first projects of the Cambridge Redevelopment Authority last year, the group has marked off $7 million for the project and another $2 million in reserves.

According to initial plans, the space would likely be filled with community arts, nonprofits, maker spaces and job training focused on science, technology, engineering and math.