One place that Harvard is looking is across the river in Allston, where the University has purchased 52 acres for eventual expansion.

"Allston has decades upon decades of potential growth," Spiegelman said. "It's an unbelievable opportunity for development."

Despite the initial outcry when Harvard secretly purchased the land through a real estate developer so that it would not be charged outrageous prices, residents of Allston have become more open to University development for the benefits it brings.

Allston is already home to the Harvard Business School as well as all of the University's athletic facilities, which are some of the most appealing parts of the city.

"Harvard's athletic facilities have some of the nicest green spaces in the area," says Paul Berkeley, president of the Allston Civic Association and a member of the Allston-Brighton Community Task Force. "And if you've ever walked through the business school, you can see that it's an architectural oasis."

Residents hope that the further extension of Harvard's campus into Allston will help to change the industrial character of parts of the city, where many residential areas are near trucking, cement and construction operations.

"Right now, there is no real reason for people to walk around in that area," Berkeley says. "It's in the University's interest to improve it just as much as it is beneficial to us."