According to Joe Wrinn, spokesperson for Harvard, the universityis paying $40 million for the two-acre site and the buildings,which is being developed by a partnership of the Polaroid Corp. andSpaulding & Slye Colliers. The property has the approvalsneeded to develop the units in the three buildings. Wrinn tellsGlobeSt.com that the university is currently going through thefinal stages in the process to acquire the property.

In a released statement, the university emphasizes that theacquisition is one of its first major purchases in the city inrecent years. The university also emphasizes that the project ispart of Harvard's response to the city's call to Harvard toincrease housing for its students and faculty and relieve pressureon the local housing supply. As required by city law, 18 units or15% of the development will be developed as affordable housing.

The remaining 102 units will initially be made available asrental units to Harvard faculty graduate students. Eventually, theuniversity plans on selling the units--which will range in sizefrom studios to three-bedrooms--to junior and senior facultymembers. Because the development will be sold as condominiums, itwill not be eligible for tax exemption. This program will beinitiated in approximately two to three years and Harvard plans onselling roughly 10 units per year.