New Details Revealed For $4.5B Cambridge Development

The developers of a massive mixed-use campus next to the Alewife station in West Cambridge have unveiled more details about the impending project. 

Healthpeak Properties filed plans with the state's environmental impact office for its Cambridge Point project, calling for 4.6M SF of mixed-use development, including more than 2,000 housing units, public gathering space and commercial development.

The filing, first reported by Banker & Tradesman, estimates the project will cost $4.5B.

In April, Houston-based Hines joined the development team, focusing on the housing portion of the project.

The project would also include 1.3M SF each of lab and office space, two asset classes that have struggled with high vacancy in recent years.

The development's first phase would include 1,300 housing units, 1.3M SF of office or lab space across four buildings, and 7.5 acres of public open space.

Of the 46 acres being developed, 14 would be designated for public open space, including parks, plazas and other public recreational activities. The developer also plans to build a pedestrian and bicycle bridge over the MBTA commuter rail tracks to Alewife station.

Three buildings on the site would remain the same: office buildings at 10 Fawcett St. and 725 Concord Ave. and a retail building at 110 Fawcett St.

“Cambridge Point aligns Healthpeak’s core values through community development — it’s about shaping a place where people can live healthy lives, establish connections, innovate, and thrive,” Scott Bohn, chief development officer at Healthpeak, said in a statement in April. 

Healthpeak began acquiring properties just before the pandemic, amassing 46 acres, which prompted city council members to place a temporary moratorium on development in the neighborhood. The properties consist primarily of a mix of industrial and Class-B and C office buildings.

In 2023, the ban was lifted, and the city council approved a rezoning of the area that would allow for taller buildings.