GSA Seeks Ideas for First-Of-Its-Kind Redevelopment of Volpe Center
Today, the U.S. General Services Administration (GSA) issued a Request for Information (RFI) seeking creative ideas from the real estate development community to redevelop the John A. Volpe National Transportation Systems Center (Volpe Center) property in Cambridge, Mass. GSA, in partnership with the U.S. Department of Transportation (DOT), will use these ideas to create a deal structure that will provide DOT with a state-of-the-art facility for transportation research to continue fulfilling the agency’s purpose of advancing transportation innovation for the public good.
The government intends to acquire this state-of-the-art facility through a real property exchange. The government would convey significant portions of the real property located at 55 Broadway in Cambridge, Massachusetts, to a private developer in exchange for consideration in the form of construction services. This project represents the first time that an agency has transferred a facility to GSA for innovative development.
GSA Administrator Dan Tangherlini said this creative development strategy is essential to helping the agency fulfill its mission to provide the best value in real estate:
“GSA is using our exchange authority in new ways to get the best deal for the American people. This innovative approach will allow us to partner with the private sector to get the most out of this land and create economic development opportunities.”
DOT Deputy Secretary Victor Mendez commented:
“This innovative opportunity will allow the U.S. Department of Transportation to strengthen the Volpe Center’s research capabilities at no cost to taxpayers, by finding new uses for existing property that will support development of a modern research facility. The Volpe Center has a tremendous track record of providing excellent work and analysis in the transportation research field. This approach will ensure they continue to do so far into the future.”
About the RFI
● The RFI is to be posted on www.fbo.gov by 2:00 p.m. today.
● The real estate development community will have 45 days to provide input.
● GSA will also host an industry day in the near future, which will allow interested parties an opportunity to tour the property and learn more about the RFI process.
About the Volpe Center
● The property is located at 55 Broadway in the Kendall Square neighborhood of Cambridge, Massachusetts.
● The approximately 14 acre campus is improved with six buildings with a total approximate gross floor area of 375,000 GSF, two surface parking lots and areas of open, landscaped land.
● The property has extensive frontage along Binney Street to the north, Third Street to the east and Broadway to the south. A pedestrian walkway directly abuts the western boundary of the Property.
● The facility is located about one mile from the central business district of the City of Boston and has immediate access to the Kendall Square MBTA station and several bus routes that serve the urban area.