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CAMBRIDGE, MA-Massachusetts Institute of Technology’s Sloan School of Management is moving ahead with a $250 million plan to develop a set of buildings on the MIT campus that will consolidate and expand the Sloan School’s space.

The site for the development is between Memorial Drive and Main Street with a courtyard overlooking the Charles River. It will occupy the current MIT Sloan parking lot and will require the relocation of the Dibner Institute for the History of Science and Technology currently housed at 38 Memorial Dr. in a three-story MIT building, which would be taken down under the plan.

Initial discussions on new building development were begun about four years ago. The school is currently spread throughout nine buildings on MIT’s campus and, according to a spokesperson for the school, “the goal is to have all faculties and disciplines in one place.” Lucinda Hill, director of Sloan’s capital projects adds that the school also needs more space. She tells GlobeSt.com that the development will be about 260,000 sf of space but she emphasizes that the design of the project is “still being worked out.”

The plan requires the approval of the city but Hill points out that the University always “works with the city.” She adds that the project is within zoning regulations. MIT does have a payment program in lieu of taxes with the city but Hill points out that because the buildings are being developed on academic-zoned property, the payment program will not be affected by this project. “We are not taking any commercial space off the tax rolls,” she says.

The project is to be developed in two phases with phase one, at an estimated cost of $125 million, slated to be completed in 2006. At this point the project is being funded solely by private donations and Hill says that some of the financing is already in place.

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