The Massachusetts Turnpike Authority (MTA) formally approved the sale of 48 acres of Allston land to Harvard for $151 million Wednesday, opening the way for future University development across the Charles River.
Located south of the Harvard Business School campus, the property known as Allston Landing North has been coveted by the University for future development, including the possible relocation of one of Harvard's graduate schools.
Vice President of Government, Community and Public Affairs Paul S. Grogan said that the purchase will allow Harvard to change the direction of its future development away from the already heavily crowded Cambridge.
"This has great historical significance for the University and for Boston," Grogan said. "In the future, Harvard will become much more of a Boston university."
Grogan also said that the purchase will be one of the lasting achievements of President Neil L. Rudenstine, who has announced he will leave his position next June.
"When people look back on the tenure of Neil Rudenstine, securing this land will be one of his most significant achievements," Grogan said.
But a long planning and negotiation process must occur before the land--which is covered with train tracks and warehouses--can be developed.
CSX Transportation currently has a permanent easement on the land, allowing their trains to run through the area even after the sale. Genzyme Corporation, a biotechnology company, also has a plant on the site.
Harvard to Pay $40M for Boston LandFor two years Harvard and the City of Boston have been wrangling over what the University owes its community. They've
Looking For LandOnly three years after the University was criticized by a number of Boston officials and residents for anonymously buying land
University Wins Land Auction With $151M BidThe University dipped into its swollen coffers yesterday, cementing its plans for future development across the Charles River with a
Harvard's New FrontierBefore a crowd of Boston and Harvard officials gathered in the newly-constructed Spangler center at the Business School in March,
Exhibit in Square Shows University's Future PlansVisitors to the former Billings and Stover drug store on Massachusetts Avenue are having a chance to see some informed
Volpe, Ward Support Sale Of Bennett St. MTA Yards If Line Can Get SubstituteBoth candidates in the state gubernatorial race have committed themselves toward encouraging the sale of the MTA's Bennett St. yards