The $4 Million Parking Lot

Four-million-dollar real estate deals are not concluded overnight--Harvard's purchase last week of a three-acre plot off Mt. Auburn St. came only after delicate year-long negotiations, and getting the deed signed and sealed may only have been the first of Harvard's battles.

Louis DiGiovanni, the Harvard Square land mogul who owned the parking lot until last Monday, only agreed to sell the land after it appeared his long-standing efforts to develop it into something really impressive--twin 20-story towers--pressive--twin 20-story towers--pressive--twin 20-story towers--would never come to fruition.

DiGiovanni's well-advertised plan was enough to make city leaders willing to back Harvard's purchase, despite their habitual wariness of the University's real estate dealings. Informed of the negotiations several months ago, Cambridge officials gave their tacit support and then kept quiet for fear of upsetting the deal.

Even with the backing of city officials, the deal almost didn't come through. Sources close to, but not directly involved in, the negotiations say that on at least one occasion the University thought it had a deal, only to have DiGiovanni back off at the last minute.

Now that they have the land, Harvard officials have to figure out what to do with it. All indications suggest they will use it for housing, but that leaves several issues unresolved.

If they decide to build only luxury apartments, likely because of the high purchase price, neighborhood spokesmen may attack Harvard for failing to provide moderate-and low-income housing.

And if the University eventually decides to build student housing, an idea not officially ruled out, all hell is likely to break loose.

In the meantime, the three-acre parcel sits as it has for years, a weedy, crumbling $4-million parking lot.