The U.S. General Services Administration has selected the Massachusetts Institute of Technology to redevelop the federally-owned Volpe Transportation Center site in Cambridge’s Kendall Square neighborhood.

The 14-acre site is located at 55 Broadway and is widely seen as something of a last frontier of development in one of — if not the — hottest real-estate markets in the country.

Israel Ruiz, MIT’s executive vice president and treasurer, said in a statement late Tuesday that the institution was “delighted” with the selection.

“MIT is committed to a vibrant Kendall Square, one of the most significant innovation clusters in the world and an important center of our Cambridge community,” Ruiz said in a statement. “Naturally, MIT is interested in the future of the site, given its proximity to campus and the important role it plays in supporting the evolution of the innovative, mixed-use community in Kendall Square. The proposed revitalization of the Volpe parcel is a tremendous opportunity not only for the U.S. Department of Transportation, but also for the City of Cambridge and the growing Kendall Square innovation ecosystem.”