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dc.contributor.advisorBrian Anthony Ciochetti.en_US
dc.contributor.authorLedohowski, Lea J. (Lea Joel)en_US
dc.contributor.authorPerrine, James Jen_US
dc.contributor.otherMassachusetts Institute of Technology. Dept. of Urban Studies and Planning.en_US
dc.date.accessioned2006-06-20T12:54:30Z
dc.date.available2006-06-20T12:54:30Z
dc.date.copyright2005en_US
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/33184
dc.descriptionThesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.en_US
dc.descriptionThis electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.en_US
dc.descriptionIncludes bibliographical references (leaves 176-179).en_US
dc.description.abstractIn August 2004, a development proposal titled "Galileo Lofts at MIT: Housing and Urban Park" was submitted to the Cambridge Redevelopment Authority for the provision of new housing and a public park on Parcel 7, in Kendall Square, Cambridge, MA. This study is a feasibility analysis of the development proposal. A market analysis and a marketability study were conducted to determine the appropriateness of the proposal for the East Cambridge, Kendall Square market. Demographic analysis identified two primary submarkets: 1) Cambridge Condo Submarket (i.e. demand for the location); 2) Loft Product Submarket (i.e. demand for the product type). To analyze supply and pricing, transaction data for the sale of condominiums within a one-mile radius of the proposed site, and data for the sale of comparable loft condominiums in the Greater Boston Area, were downloaded. Tests performed include descriptive statistics, regression analysis, and attribution analysis. A capital budget was estimated and a development model created to determine the financial feasibility of the proposal. Results indicated that the demand for residential products in the East Cambridge neighborhood priced for the "entry-level buyer" (i.e. up to $550,000) was not being met by current levels of supply, and it was predicted that demand for products priced at the entry-level would continue.en_US
dc.description.abstract(cont.) It was also illustrated that demand for "luxury" products does exist in East Cambridge, but that the luxury consumer has demonstrated a preference for properties with high-end amenities and water adjacency. The Feasibility Analysis concluded that the proposed project is not viable in financial terms. It was suggested that the original proposal is not ideally suited to capture the demand in either the entry-level or luxury markets. The primary observations were that the planned residential units are too large to target the entry level buyer, and that the location, lack of amenities and rental townhouses at the ground level are expected to be problematic in the pursuit of the "luxury" buyer. It was recommended that the developers reduce the unit sizes in order to satisfy the requirements of the primary target market and redistribute the affordable rental units within the building to avoid a potential problem with marketability and management. These changes, however, would not be sufficient to turn the proposed Galileo Lofts at MIT into a financially viable project because 40% of the units are required to be affordable, and these units cost $180,000 more to produce than they would generate in sales revenue. Other relief would be needed: some suggestions are given.en_US
dc.description.statementofresponsibilityby Lea J. Ledohowski and James J. Perrine.en_US
dc.format.extent246 leavesen_US
dc.format.extent9891138 bytes
dc.format.extent9890718 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypeapplication/pdf
dc.language.isoengen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsM.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582
dc.subjectUrban Studies and Planning.en_US
dc.titleGalileo Lofts : a real estate development feasibility studyen_US
dc.title.alternativeGalileo Lofts at MIT : housing and urban parken_US
dc.typeThesisen_US
dc.description.degreeS.M.en_US
dc.contributor.departmentMassachusetts Institute of Technology. Department of Urban Studies and Planning
dc.identifier.oclc65470482en_US


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