Met Pipe suing Alexandria over its Binney math; MIT preps update for 93-year-old dorm building
The hyper complicated Alexandria Real Estate Equities zoning petition that passed in March 2020 brought together recreational land the city has wanted for three decades and made room for an entire Eversource electrical substation by looping in the developer Boston Properties. But another player says it was left out, and has taken Alexandria to court over it.
Metropolitan Pipe & Supply Co., which sold three parcels at 303 Binney St. to Alexandria so the developer could put up a 375,000-square-foot lab building project, is suing over as much as $55 million it says it is owed after the site was approved for additional density, according to a report by Andrew Martinez in Bisnow Boston.
The lawsuit, filed in February through Met Pipe’s Canal Realty Trust, says Alexandria got the math wrong in the companies’ 2017 agreement. Alexandria “mischaracterized city linkage payments in excess of $65 million last year to eliminate its obligation to pay Canal the additional purchase price,” Bisnow reports.
Met Pipe is now a Somerville company; Alexandria, of California, is building from four to six stories not including rooftop mechanicals at 325 Binney St. in Kendall Square.
Read more about the lawsuit here.
In other development news:
- A building permit worth $72.7 million has been issued for the Massachusetts Institute of Technology’s Burton Conner undergraduate residence hall complex at 410 Memorial Drive, according to a post on the Bldup development platform April 16. The institute is doing a major revamp of its facilities, and the nine-story building is 93 years old and has housed students since 1948. The hall is expected to reopen in August 2022.
- Somerville’s Planning Board has approved a five-story, 38,442-square-foot mixed-use building – that is, 4,270 square feet of ground-floor retail and 45 apartments – proposed by Broadway Investment Realty for 152-158 Broadway, East Somerville, Bldup reported April 15.
- IQHQ became a major property owner in Cambridge’s Alewife area last summer (paying $179 million for some 380,000 gross square feet of office, laboratory and research and development space) and took ownership of improvements at the polluted Jerry’s Pond as well. It’s also busy in Boston: With Meredith Management it’s begun a $1 billion redevelopment of construction on Fenway Center, with plans that include a 90,000-square-foot deck over the Massachusetts Turnpike between Beacon Street and Brookline Avenue, Bldup said Monday. All told, there will be 1.1 million square feet in the complex near Kenmore Square, with five new buildings that include a 27-story tower, 550 residential units and 960,000 square feet of lab space, Bldup said.