Cambridge, MA. – Forest City Enterprises, Inc., a national real estate developer, announced that University Park at MIT, the company’s 2.3-million-square-foot, mixed-use biotech park has been awarded the prestigious 2004 ULI Awards for Excellence. The park was chosen as one of the ten honorees located across North America and Asia. The winners were announced at the ULI Awards Gala in New York City on November 4th, 2004.
Gayle Farris, President of Forest City’s Boston office said, “I am absolutely thrilled about this award. University Park has been a 20-year labor of love that turned a blighted industrial area into a vibrant neighborhood and biotech research campus. The steadfast commitment of MIT, the City of Cambridge and the neighborhood has made this a model public/private partnership. I am indebted to the hundreds of extraordinarily talented professionals who worked so diligently over the years to make this project a paradigm of successful urban revitalization. It is through their efforts that we received this tremendous honor.”
The competition, established in 1979, is based on ULI’s guiding principle that the achievement of excellence in land-use practice should be recognized and rewarded. ULI’s Awards for Excellence recognize the full development process of a project, not just its architecture or design. The criteria for the awards include leadership, contribution to the community, innovations, public/private partnership, environmental protection and enhancement, response to societal needs, and financial success.
Projects were evaluated on the basis of financial viability, the resourceful use of land, design, relevance to contemporary issues, and sensitivity to the community and environment. Each contributes to a live-work-play environment and is designed to complement and enhance the greater community. Throughout the program’s history all types of projects have been recognized for their excellence, including office, residential, recreational, urban/mixed-use, industrial/office park, commercial/retail, new community, rehabilitation and public projects.
Located on more than 27 acres in the heart of the biotech cluster in Cambridge, Mass., University Park at MIT is a master-planned, 2.3-million-square-foot, mixed-use development that includes ten state-of-the-art bioscience research and office buildings; 674 units of mixed-income apartments; a 210-room hotel and conference center; restaurants and retail space; a health club and childcare center and structured parking for 2,700 cars. University Park has made a significant positive contribution to Cambridge’s economy through thousands of construction jobs, the 4,000 permanent jobs generated by the corporations within the campus, and more than $11 million contributed annually to the Cambridge tax base.
ULI-the Urban Land Institute is a nonprofit research and education organization. Founded in 1936, the institute has more than 22,000 members worldwide representing the entire spectrum of land use and real estate development disciplines, working in private enterprise and public service.
As the preeminent, multidisciplinary real estate forum, ULI facilitates the open exchange of ideas, information and experience among local, national and international industry leaders and policy makers dedicated to creating better places. The mission of ULI is to provide responsible leadership in the use of land to enhance the total environment.
Forest City Enterprises, Inc. is a $7.2 billion NYSE-listed real estate company headquartered in Cleveland, Ohio. The Company is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The Company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 21 states and the District of Columbia. Further information on University Park at MIT, the company, its capabilities, and its innovative urban portfolio is available at www.fceboston.com and www.forestcity.net.