As the CEO of Urban Spaces, a Cambridge-based real estate development company, Paul Ognibene has been the driving force behind the company’s commitment to the development of the First Street Corridor in East Cambridge.
Paul Ognibene identified this area of one for growth and expansion by watching the job market. A lot of the buildings in the area were outdated and ill-prepared for the tech renaissance in the area. East Cambridge is a prime location as it’s near some of the greatest higher education schools in the country. Young entrepreneurs are looking for jobs in the area and large companies are noticing. Car Gurus is just one of the many companies that has established a presence in East Cambridge through Paul Ognibene and Urban Spaces.
In order to complete the latest and final project from Urban Spaces on the First Street Corridor, the People’s United Bank had to give the approval on a loan worth $71 million. People United’s Senior Vice President of Commercial Real Estate, Michael Doody, said the financing took several months to complete and was challenging due to the complexity of the property, but both parties were willing to put in the time and effort as the bank has a great working relationship with Urban Spaces.
The result of the loan was the ability to construct one of the most beautiful two-building properties in the Northeast. Kendall East is conveniently located between the one mile stretch between Kendall Square and the Lechmere MBTA Station. The facility will be able to welcome shoppers, offices and residents who can call Kendall East home for years to come. Kendall East marks the last project in a few projects that have helped transform the First Corridor of East Cambridge. What was once an area badly in need of attention is now one of the most exciting spots in Massachusetts for businesses and shoppers alike.
The work of Urban Spaces and Paul Ognibene has already attracted major retailers and businesses to setup a presence in the area. At the completion of Kendall East, there will be more than 50,000 square feet of office space, 45,000 square feet of retail space and 250 housing units available for both people new to the area and people who have patiently waited for better options to appear in the areas. With the overwhelming success of the redevelopment of the First Corridor, pundits are excited to see what Urban Spaces and Paul Ognibene have planned next!