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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.”

Read the full article on Biz Journals.