Paul Ognibene Honored

Named “Urban Developer of The Year” by Boston Real Estate Times

by Merrill H. Diamond

Paul Ognibene, the founder and CEO of Cambridge-based real estate company, Urban Spaces, has been named “Urban Developer of the Year for 2019” by the Boston Real Estate Times. The publication, which reports on all the area’s latest real estate happenings, honored Paul Ognibene and his company for the transformational impact that he and Urban Spaces’s latest projects have had on the host communities in which they work. Their projects have focused on mid-sized residential and commercial developments that revitalize and enhance emerging and established neighborhoods in the greater Boston metropolitan area.  

The Boston Real Estate Times awarded the honor to Paul Ognibene and Urban Spaces for their recent projects, including five mixed-use buildings designated for office, residential, and retail uses as part of a planned unit development in the First Street Corridor of Cambridge. Urban Spaces also recently completed another Cambridge development, a 20-unit condominium building with first floor retail at 1975 Massachusetts Avenue, proximate to the Porter Square subway station. Paul Ognibene and Urban Spaces are currently developing BRIX, a 61-unit condominium building with first floor retail at 65 Washington Street in downtown Salem.  The firm is alsoinvolved with the creation of affordable housing in inner-city neighborhoods, a mission-driven initiative with the City of Boston.

“I am honored to receive this recognition from a publication as respected as the Boston Real Estate Times.  I’m confident that our work will continue to live up to the standards of this prestigious award,” stated Paul Ognibene upon learning of the award.

All of the development projects that Paul Ognibene and Urban Spaces undertake have one over-arching objective in common: to enrich the entire community with benefits that extend far beyond the boundaries of the subject project itself.  In that regard, some of the projects conceived by Paul Ognibene have spawned and encompassed programs such as BUILDING A BUILDING, a classroom and on-site curriculumcreated by Urban Spaces and its partners to introduce high school students to the various trade and professional careers associated with real estate development.

To learn more about the work of Paul Ognibene and Urban Spaces, visit UrbanSpacesLLC.com.

PAUL OGNIBENE – SHAPING A NEW CAMBRIDGE

Paul Ognibene

Paul Ognibene serves as the chief executive officer and founding principal of Urban Spaces. In his role, Ognibene is responsible for setting the vision for the future of the company. He oversees everything from client relationships to contract negotiations, as well as multi-million-dollar budgets of the company’s projects. Under the leadership of Paul Ognibene, Cambridge, Massachusetts-based Urban Spaces has grown into an award-winning real estate development company by focusing on enhancing and transforming the communities in which it works.

Paul Ognibene and his team work to identify communities with potential for growth, analyzing Boston-area economies and examining factors such as proximity to public transportation, ample job opportunities, and strong educational systems within a community. These are key requirements for potential development sites for Urban Spaces. Once such a community is identified, the team considers a host of factors before land or property is purchased, ranging from construction costs to market rent or sales projections, in order to determine if a project is economically viable.

One of the best examples of the analytical work by Paul Ognibene and Urban Spaces can be seen in Cambridge, home to Urban Spaces’s headquarters.  Over a five-year period, Ognibene and his team acquired 10 underperforming adjoining parcels along the First Street Corridor, a mixed-use neighborhood in Cambridge located within minutes of MIT and the MBTA Kendall Square and Lechmere stations.  This assemblage of land parcels is directly across the street from CambridgeSide, the mall now being transformed into a 1.2 million square foot mixed-use facility. Paul Ognibene and the company then began transforming this conglomeration of surface parking lots, light industrial buildings, windowless warehouses, and tired retail into 250,000 square feet of apartments, office, retail, and green space.

The first of these First Street Corridor projects was Axiom, a six-story structure comprised of 115 apartment units and home to a 3,800 SF the locally renowned Toscanini’s Ice Cream. Following on Axiom, Paul Ognibene and Urban Spaces completed 121 First Street, a 60,000 SF, five-story building featuring 7,000  SF of ground-level retail and 53,000 SF of Class A office space, now home to CarGurus, the online automotive marketplace, and also serves as Urban Spaces’s new headquarters.  Subsequently, Paul Ognibene and Urban Spaces developed 85 First Street, a 10,000 square foot retail building that is now home to Loyal Companion, a nationwide pet supply store, Sherwin-Williams, and the US Post Office.  Ognibene and Urban Spaces are now constructing Kendall East, a mixed-use residential/retail property comprised of 136 apartments, 15,000 SF of retail, a two-level 142 space parking garage, and an expansive community green space.

When completed, Urban Spaces’s work within the First Street Corridor will include over 250 residential units, 51,500 SF of office space, 40,000 SF of retail, and 250 parking spaces.  These developments will help to meet the demand for housing, office, and retail space in East Cambridge, widely regarded as the epicenter of the Life Science industry. 

To learn more about Paul Ognibene and Urban Spaces, please visit PaulOgnibene.net.  This site will not only provide information about the background and experience of Paul Ognibene, but it will also provide occasional blog posts with tips and insights on how to be a better CEO in today’s ever-evolving corporate climate.  Be sure to look for The Urban Blog, an interactive presentation forum begun by Paul Ognibene to share viewpoints and ideas about real estate development.

Paul Ognibene Discusses How Cambridge is Committed to COVID-19 Relief Effort

Paul Ognibene

Massachusetts has been making great strides to help its citizens during the turbulent times of the COVID-19 crisis. Paul Ognibene notes that on a local level, Cambridge has been showing its strength by assisting in various ways.  Paul Ognibene, CEO of Cambridge-based Urban Spaces, describes just a few ways that the Cambridge community has been showing its commitment to providing COVID-19 relief efforts for those that need it most.

Cambridge Launches Relief Funds

In the same way that the state has offered an emergency relief fund (COVID-19 Relief Fund), the city of Cambridge has established the Mayor’s Disaster Relief Fund, a $3+ million emergency assistance fund for residents experiencing financial hardship. 

In addition, many Cambridge community members have already stepped up in various ways, including donating to the Cambridge Community Foundation’s COVID-19 Emergency Fund which provides grants between $200 and $1,000.    

The city of Cambridge has also postponed property tax payments for 60 days to help relieve cash flow pressure on homeowners and businesses. 

Harvard Provides Resources

Harvard’s 19 teaching hospitals are providing front-line care as well as working on vaccines and treatment options. 

Harvard Medical School has also launched the COVID-19 Health Literacy Project which provides health-related information in over 35 languages to ensure that members of the community who do not speak English can be kept well informed.

In addition, Harvard has offered space on campus to assist in health care operations. Harvard has also opened up its Harvard Square Hotel for use by Cambridge Health Alliance workers and other first responders who often need to remain close to their posts. 

Paul Ognibene Discusses Reasoning for Cambridge Massachusetts’ Continued Housing Boom

Paul Ognibene Urban Spaces

Paul Ognibene, CEO of Urban Spaces LLC in Cambridge, has been a leader in the real-estate development front for years. Much of Paul Ognibene’s success can be attributed to him holding the business acumen and real-estate expertise to help usher in a new era of housing and business development in the greater Cambridge area. Still, Ognibene notes that much of his continued ability to keep up with demands and shifts of the real-estate industry stem from his intimate understanding of the role that location plays in establishing what housing markets prove themselves to be premier places to purchase homes and retail spaces. In this article, Paul Ognibene hopes to shed some light on factors that have kept Cambridge Massachusetts a booming real-estate market.

Proximity to Harvard and MIT: The fact that Cambridge Massachusetts is the home of esteemed universities Harvard and MIT indubitably serves as a reason that housing is so sought after in the area. The universities attract a wide variety of students, many of which require housing in the area. The universities also employ many workers and educators that similarly must find housing in, or near, the greater Cambridge metro-area

Technological Innovation Hub: In part due to Cambridge’s proximity to esteemed universities, Cambridge is seen as a hub for some of the United States’ sharpest minds and technological innovators. Specifically, Cambridge is home to many biochemists and biophysicists, attracting those interested in the industry in droves. In fact, 10.4% of workers in the Boston-Cambridge-Newton Massachusetts area work within STEM fields, compared to the US’s national average of 6.2 percent. Paul Ognibene notes that, with a median income of close to $90K, these technological innovators that need suitable living arrangements within the area and often have enough capital to traverse the competitive real-estate market

Paul Ognibene Recounts 2018 Summer Project at 121 First Street

Paul Ognibene, the CEO and founder of Urban Spaces, strives to be hands on with every project the company begins. Paul is usually involved with everything from the oversight of the original site selection to the final product. While this is certainly requires a large amount of flexibility, it’s also extremely rewarding to look back at an area and see the impact a new building makes on the community. This is certainly the case with 121 First Street in Cambridge, MA, which was completed in the summer of 2018.

If you scroll all the way to the bottom of this blog post, you can see the incredible transformation. The property was previously a Big John’s Mattress factory outlet. While it was an important building in the past, it was no longer a functional building that met the needs of a growing section of town. Paul Ognibene CEO discovered the area and marked it as an opportunity to improve a neighborhood and fill a need for office and retail space.

For the project at 121 First Street, Paul Ognibene tasked Perkins Eastman as the architect and Nauset Construction as the contractor. Paul Ognibene was able to identify a glaring need for office and retail space in this portion of Cambridge, Massachusetts. The area is blossoming as Cambridge’s technology and life sciences hub has continued to evolve. As more businesses move into the area, more people needed a link between Kendall Square and Lechmere Station. The new 60,000 SF, five-story building features 51,500 square feet of Class A office space and 6,700 square feet of retail space.

This 2018 summer project was the second of six mixed-use development projects by Urban Spaces. The building immediately had many suitors and was preleased months before it was completed to Car Gurus as the online automotive research platform and marketplace looked to garner a presence in this emerging area of Massachusetts. Like most of the projects completed by Urban Spaces, the new construction has brought a boost to the local economy with jobs created and new employees who are moving closer to their new workplace.

To read more about incredible projects like these from Urban Spaces, please visit UrbanSpacesLLC.com. If you are interested in the incredible transformation that happened on 121 First Street, check out the images below:

Before:

Paul Ognibene CEO of Urban Spaces at run down building on 121 First Street

After:

Paul Ognibene at new construction on 121 First Street
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