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Five months after breaking ground on the first phase of their Allston campus, Harvard University and Tishman Speyer have unveiled plans for an even bigger second phase.
The joint venture filed a letter of intent Tuesday with the Boston Planning & Development Agency for Phase B of its Enterprise Research Campus. The second phase is planned as a 1M SF mixed-use project that would include 720K SF of life sciences and office space and 320K SF of residential space.
Jessica Hughes, Boston regional director at Tishman Speyer, said the new phase represents the next step in creating a "world-class hub of life-changing discoveries."
"Together, we are creating a vibrant destination animated by landscaped open spaces, local retailers and restaurants, with homes affordable to a wide range of families and individuals," Hughes wrote in a statement.
The new phase will encompass five new buildings, two of them residential and three life sciences. The multifamily buildings would add up to 420 new rental units.
The filing comes after the joint venture broke ground in November on the 900K SF first phase of the campus. They secured a $750M construction loan from Otera Capital for that phase and agreed to make 25% of the apartments in the project income-restricted.
The development team signaled it would kick off the Article 80 review process for the second phase shortly. Hughes' statement added that the project would "build upon and supplement the significant public benefits provided as part of Phase A."
Harvard Allston Land Co. CEO Carl Rodrigues said the new phase will create opportunities for both residents and local business owners. The developer said it plans to feature a range of small, local, minority and women-owned retailers across all five buildings.
"We look forward to working with our partner, Tishman Speyer, the Allston community, the city of Boston, and other stakeholders to ensure that the ERC becomes a vibrant and inclusive mixed-use community that will foster creativity, exploration, research, and culture,” Rodrigues said in a statement.
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