Harvard's Allston Dream: Decades Late, Still Searching

Harvard University's ambitious plan to transform its Allston, Boston land into a scientific research hub, conceived over two decades ago by former president Larry Summers, has yet to reach fruition.

The project faces considerable hurdles, including a stalled transportation infrastructure overhaul essential for developing approximately 90 acres of barren land. This vital project, intended to connect Harvard's scattered properties, has been impacted by federal funding shifts.

Adding to the challenges, the Boston biotech market is currently experiencing a downturn, contributing to the university's major laboratory building being only 20% leased. This situation occurs as Harvard grapples with its own financial pressures, including a $113 million budget deficit and anticipated increases in endowment taxes.

Harvard's pursuit of an Allston innovation district contrasts with MIT's successful development of Kendall Square. Factors such as timing, strategic missteps, and external economic events like the 2008 financial crisis have impacted Harvard's progress.

The university maintains optimism, with leaders like Meredith Weenick describing the Allston development as being in its early stages. However, Boston Mayor Michelle Wu has expressed the need for immediate delivery of benefits to the city.

Despite the ongoing challenges, including a recently sold strip mall at a reduced price, Harvard continues to evaluate its real estate portfolio. The university has secured a major tenant, Roche, for a portion of its new laboratory space, with discussions underway for further development.