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Cambridge Real Estate: Harvard Square begins $65 Million Redevelopment

Cambridge Real Estate, Harvard Square, Carpenter & Co., Richard Friedman

The future $65 Million building in Cambridge's Harvard Square

Cambridge, Massachusetts is one of the most beautiful places to live, work, and study. With a great deal of investment having come to the area recently in the form of brand new high-tech, bio-tech, and other start-up ventures, the latest news from this bustling area of the Bay State comes to us from the ever so popular Harvard Square. It is here where a $65 Million redevelopment project just got underway with the groundbreaking of 114 Mount Auburn Street and the renovation efforts of the Conductors Building.

The developer behind this initiative is Richard Friedman, the man behind the Charles Hotel. He is now in the midst of building a lovely eight-story, 70,000 square foot building in Harvard Square that will include first-class retail and office space, in addition to a restaurant. The new $65 Million building will be 100% leased to Harvard University, while occupancy will begin upon its completion, expected to be early in 2015. In addition, the redevelopment of the 5,000 square foot Conductors Building will be historically preserved and renovated simultaneously.

Friedman himself noted that, For the last 30 years, Ive been staring out my window at this eyesore so we are happy to fix it up. It was just in 2012 when his firm, Carpenter & Co., purchased the property to thus take control of the entire block adjacent to the Charles Hotel. A purchase of 114-116 Mount Auburn Street in Harvard Square was purchased for $4 Million, while another transaction in 2007 for $3.2 Million secured Carpenter & Co. the adjacent parcel of land.

Looking back some years, Richard Friedman is still very much highly respected for his involvement in the marvelous redevelopment of the former Charles Street Jail into the famous Liberty Hotel we see today. With such a storied history of transforming some of the areas major eyesores into spectacular new spaces, there is much to look forward to upon the completion of his vision for Cambridges Harvard Square.

More Information: Boston Business Journal

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