Current State
- Property value growth: from $200k (1992) to $7-8M est. (2023)
- Projected Gross Annual Income for the ISB: $300k
- Construction is now complete, but...
- Final roadblock: ISB cannot use the property until the construction cost is fully paid.
Endowment (Waqf) Development Stages
- Stage I: 1992-1994: The spark & early history.
- Early 1992: Purchased by 2 brothers, attempted to convert it to a Masjid.
- July 2, 1992: Historical Commission for City of Cambridge recommended to enlist property to the “National Registry of Historical Places” due to its Greek Revival Style and preserve it without any major change or redevelopment.
- July 22, 1994: Property was donated for $10 grant to Trustees of ISB and was used as the Imam’s house and office during ISBCC planning and construction.
- Stage II: 1994-2017: The roadblocks
- Historical Commission blocked change of zoning or redevelopment.
- Multiple attempts lead by different board members/community members could not remove that block.
- Stage III: 2017-2021: The leap.
- August 2017, seed donation through an ISB Trustees member ($100k) to revisit all options to redevelop the site to the endowment project.
- Designated the team.
- Comprehensive plan:
- Outreach campaign to secure neighbors’ support
- Careful selection of Architect (Peter Martin)
- Numerous meetings with public officials, Historic Commission, City councils, etc.
- Exploring different options
- Consultations/Advisors of different community members
- August 2017: Trustee direction / donation
- July 11, 2018: Variance approval
- July 2019: Established the Waqf Committee
- February 2021: Bank loan approval HISB ($1.8M) / 5 banks rejection
- March 16, 2021: a construction contract signed.
- March 29, 2021: Groundbreaking - construction start day.
- Stage IV: 2021- present: Delivering the promise, celebrating the achievement.
