The professors filed suit in April 2009, claiming the developer, a joint venture of Equity Residential and Extell Development Corp., did not follow through on an agreement under which the professors would purchase units the development, called Third Square., in Cambridge’s Kendall Square neighborhood. The professors sought the units because it was close to their professional and academic obligations, according to court documents.

A Superior Court judge determined that the purchase and sales agreements are binding on the defendants and enforceable, according to a ruling issued this week.

In her decission, Judge Frances A. McIntyre ordered the developer to provide the plaintiffs’ attorney completed condominum documents within 10 days. Further, after the documents are formalized, the developer must record the condominum documents and schedule closings within a two-week window, per the judge’s decision.

“There are no money damages that will redress and remedy the loss these plaintiffs suffered when the defendant breached its contract with each of them,” McIntyre wrote. “No other residence or any amount of money damages will give them the benefit of the bargain they negotiated with the defendant.”

The development was originally approved for 527 units in two buildings, the so-called North and South developments. The North building contains rental units and was not part of the suit.

According to prior BBJ reports, the plaintiffs claimed last year that the developer was in discussion with the city of Cambridge to rent the South building as apartments. A Superior Court judge issued an injunction last June, prohibiting the developer from renting or leasing the units it pledged to sell.

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In a decision today, the Massachusetts Supreme Judicial Court backed the Legislature’s 2007 tidelands bill to issue exemptions from certain waterfront licensing regulations.

The state Department of Environmental Protection had exempted most filled tidelands from such statutes, but the SJC’s 2007 ruling found that only the Legislature could issue such exemptions. A group of Cambridge residents had challenged the validity of the 2007 tidelands bill. Today’s SJC decision puts that challenge to rest.

“Although we are not unsympathetic to the plaintiff’s view, we ultimately agree with the defendants that the act does not extinguish and relinquish public trust rights in landlocked tidelands,” the decision reads.

Source: Banker and Trademan

“The altered financial landscape of the university, and of the wider world, necessitates a shift away from rapid development in Allston, and thus requires a simultaneous commitment to a program of active stewardship of Harvard properties,” Faust wrote.

Harvard lost 27.3 percent of its endowment between June 30, 2008, and June 30 of this year, dropping from $36 billion to $26 billion over that one-year period. As a result, the university has been going through a series of cost-cutting measures, including a deep round of layoffs.

Faust said Harvard officials this week reviewed the options for the Allston complex that have been developed over the past 10 months, the cost projections and the short-term alternatives for accommodating scientific programs elsewhere in both Boston and Cambridge.

“We concluded that the most prudent course is to delay the next phase of construction while continuing a rigorous analysis of strategies for resumed activity, including co-development,” she wrote.

Faust noted that she had warned of the Allston project delay in a letter she wrote to the university last February, characterizing Thursday’s news as “anticipated.”

To date, the first phase of the Allston project has been completed, with the foundation of the Allston Science Complex constructed to ground level, 8,000 tons of structural steel put in place, along with several spaces for laboratory support and power generation. In addition, she said, the street-level concrete deck is nearing completion.

Faust said the delay would not slow Harvard’s momentum in the life sciences, adding that the university makes strategic investments in research facilities in both Boston and Cambridge and continues to pursue research, recruit life sciences faculty and “sharpen” the region’s competitiveness in attracting federal funds.

In her letter, Faust reassured Allston residents that Harvard would keep its obligations to its neighbors in mind, and said the university’s presence in Allston moving forward would manifest in three phases: property stewardship and community engagement; campus planning and greening; and campus development.

In terms of property stewardship, Faust said, Harvard will focus on improvements, aggressive leasing of vacant or partially vacant Harvard properties, and community engagement.

This property is in over all great condition but needs a refrigerator and washer / dryer.

Quick Details:

• Price: $430,000
• Condo fees: $495 plus $116 for parking
• approximately 1040 square feet
• 1 garage valet parking.

Photos:

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Property is listed by Charles Cherney of Hammond Residential.

Mark Glaser, the executive editor of PBS MediaShift and Idea Lab reported the story, citing a source “with knowledge of the deal,” the BBJ reported. He speculated that buying Brightcove would give YouTube an entry into paid video service with many traditional media company clients.

Among those the paper cited, citing a Harvard Management Co. report: Some fund managers are being forced to return bonuses they were awarded following stellar performance in prior years.

The funding comes from Cambridge, Mass.-based General Catalyst Partners and New York-based WFD Ventures LLC, according to regulatory documents posted by the U.S. Securities and Exchange Commission this morning.

“IWalk is developing the world’s first robotic ankle for enabling amputees to walk faster with less effort on all terrain types,” said Richard Casler, iWalk’s chief technology officer. The company was founded in 2006 by Massachusetts Institute of Technology Media Lab professor Hugh Herr, a bilateral amputee himself.

The Cambridge company has licensed technology from MIT, according to its Web site.

The latest round brings the company’s total funding to over $23.7 million. Casler said the company will invest the funds in new product development, hiring an engineering team.

He declined to provide further details, saying the company is planning a formal announcement in about a month.

General Catalyst’s John Simon and WFD’s William Doyle hold seats on the company’s board, according to the SEC documents.

The Cambridge metro is much larger than you might expect. Also, since Forbes Magazine exclude Harvard graduates from counting toward either Cambridge or Boston’s young professional rankings, this city ranks only 22nd in that measure. Top scores of sixth for small companies and second for big companies’ concentrations help land it in this position. Two pharmaceutical companies helping to lead the way: Biogen and Genzyme.

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