University officials have speculated about moving one of the several Cambridge-based Harvard graduate schools there.
The University offered $151,751,636 for all 48 acres of MTA land at a blind auction on June 29, but had to undergo financial verification before the sale could be completed in July.
A long planning and negotiation process with nearby residents, land tenants and Boston city officials, must occur before the land--which is covered with train tracks and warehouses--can be developed.
CSX Transportation has a permanent easement on the land, allowing their trains to run through the area even after the sale.
Genzyme Corporation, a biotechnology company, also has a plant on the site.
"As a development area, it has to be regarded as extremely difficult," said Paul S. Grogan, Harvard's Vice President for Government, Community and Public Affairs. "It's going to be complex."
As part of the purchase, Harvard has agreed to give an option to Boston University (BU) to buy a ten-acre portion of the land. The parcel is located south of Cambridge Street, cutting it off from the rest Harvard's purchase.
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