cityretail

Welcome, Neighbor.

In Kendall Square on November 2, 2010 at 9:58 pm

Voltage Coffee and Art opens tomorrow at 295 Third Street. This is a huge development in my world for two reasons (i) we’ll finally have a proper cafe serving a full range of top-notch coffee & espresso products in the heart of Kendall (no offense to Beantowne Coffeehouse, which though excellent, is a bit too far out of the heart of Kendall for most of us) and (ii) it marks the opening of the first bit of retail on the “other side” of Third Street – other side relative to existing retail, the Charles River and most of the activity/development to date.

CityRetail and Twining Properties have been really interested in the “other side” of Third Street for years. We believe that Third Street between Broadway and Binney has the potential to be a great pedestrian and retail corridor. On this corridor sit approximately 1,000 residential apartments – 321 at the Watermark, 480 at Third Square, 189 at Archstone Kendall – coupled with tremendous office density – Genzyme, Vertex Pharma, Alnylam Pharma, Cambridge Innovation Center, British Consulate, etc. Further, Third Street will serve as the gateway from MIT and the MBTA Redline to Alexandria Real Estate Equites’ (NYSE: ARE) recently approved 11 acre, 1.7 million sf life science complex, which will consist primarily of office/lab space with some retail and residential.

In addition to the above, there is now precedent for thriving retail on Third Street – Evoo and Za (restaurants) are doing great and Clevergreen (dry cleaner) is ahead of projections as well. The opportunity here is hard to ignore. (read more)

CityRetail still has two spots left to lease on Third Street and interest is high. We have a 3,000 sf spot next to Clevergreen (kitchen exhaust not possible but otherwise food service OK) and a primetime 2,200 sf restaurant spot at the corner of Binney and Third (sub $30 psf rent and significant money available from LL for Tenant Improvements). Respective landlords are motivated but will be very selective with use and operator.

In order for Third Street to realize its full potential and become the retail and pedestrian corridor the neighbor so dearly needs and deserves, both sides of the street must be enlivened and no doubt Voltage Coffee and Art is a step in the right direction…

Oh, and if you are interested in moving to Third Street or just talking about how to make it better, let me know — we now have a place to meet for an espresso!

Welcome to the ‘hood Voltage; see you tomorrow morning.

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