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CRT 2016 #63 · Communication to the City Council · Nov 21 2016
a report from Councillor Nadeem Mazen, Chair of the Neighborhood and Long Term Planning, Public Facilities, Arts and Celebration Committee, for a public hearing held on October 6, 2016 to discuss the redevelopment of the Foundry Building
Foundry Ground Floor
Commercial
Kitchen
2,650 sf
Restaurant
3,050 sf
Plantings Buffer Zone
•
Assembly Hall
•
Mezzanine
•
5 Pods
•
Lobby
•
Central
Gathering Space
•
Colonnade
•
Exterior Garden
Axon and Sections
View from Bent Street
View from Rogers Street
Interior Rendering
Shared Community Asset
Flexibility + Inclusivity
Community Oriented Use
Shared Community Asset
Community-Oriented Uses
Flexibility and Inclusivity
Foundry Ground Floor
Foundry Lower Level
Assembly Hall
Pods
Restaurant & Kitchen
Exterior Garden
Community Program
FOUNDRY BUILDING
86,936 SF
COMMUNITY SPACE
16,766 SF
BUILDING SF
DEDICATED TO
COMMUNITY USE
19.3%
Community Program
• Each space has a % OF TIME dedicated for community use
EXAMPLE:
•
Assembly Hall is 5,783 SF
•
30% of time is dedicated for community use
•
Equivalent of 1,735 SF towards community program
• TIME = SQUARE FOOTAGE
Capital Sources + Uses
Total
City of Cambridge + CRA Contribution
$ 7,750,000
Equity Investment
$ 14,000,000
Total Project (Non-Debt Investment)
$ 21,750,000
Debt Financing (incl. year 1 operating losses)
$ 14,683,014
Total Project Costs (Incl. Operating Losses)
$ 36,433,014
Project Budget Est.