A single-acre lot in Cambridge’s Kendall Square sold for more than $50 million after being on the market since April, according to city records reported by the Boston Globe. The owner of the 36,000-square-foot lot, the Constellation Charitable Foundation, had planned for several years to develop a performing arts space on the site at 585 Third Street. However, plans never materialized and the owner decided instead to cash in on demand for land in rapidly changing Cambridge. The buyer was described by the Globe as an affiliate of BioMed Realty Trust. It’s not currently known what plans the buyer has for the lot’s development, but it’s likely to add office space to the area’s bustling tech and biomedical scene.

In other local real estate news:

• University of Massachusetts Boston held a ribbon-cutting ceremony Aug. 29 for the schools first-ever on-campus student housing complex. Boston Mayor Marty Walsh joined the interim chancellor and president of UMass at the ceremony. The dorm will be able to house up to 1,000 students and includes a student dining hall and commons, as well as views of Boston Harbor. According to UMass System President Marty Meehan, the school is ranked among the top 300 colleges in the nation, but until now was the only one without on-campus housing. UMass Boston is primarily a commuter school with around 12,000 students enrolled this year. The dorm’s first residents will start moving in as early as Sept. 2.
• New data from Airbnb shows exactly how much revenue Massachusetts could be missing out on as the fate of a proposed bill to tax and regulate short-term home rentals remains unknown. Data from Airbnb released to the media showed that homes and apartments rented in and around Cape Cod over the summer can expect to see $40 million in total revenue through the service. That would be a 38 percent increase from sales during the same period (between Memorial Day and Labor Day). If the state’s proposed bill had passed and levied the 5.7 percent tax currently paid by hotels, state revenue’s from Airbnb rentals in the Cape Cod area would have approached $2.3 million. Governor Charlie Baker returned the bill with an amendment after the state legislature had passed it on the last day of its official session, meaning lawmakers would have to agree to a special session in order to approve the final version.