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An earlier version of this article stated that customers of the Metropolitan company were expected to move their belongings from the building by Oct. 30. In fact, the majority of customers were not affected by the closing and do not need to move their belongings by that date.

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The Metropolitan Moving & Storage Warehouse, located on the corner of Massachusetts Avenue and Vassar Street, will be closing after around 120 years of business. The Institute did not renew the moving company’s lease because it plans to renovate the building as part of the MIT 2030 capital projects.

The MIT administration first announced tentative plans for the warehouse in an April email to faculty and students. The email also announced that a Metropolitan Warehouse Advisory Group would be formed, and would comprise students and other members of the MIT community. The committee was to be led by the Offices of the Associate Provost for Space Planning and Campus Planning.

MIT’s Capital Projects webpage says that the Institute will be renovating the building while preserving “the integrity of the historic architecture.”

Plans for the building’s redevelopment include student housing for up to 450 undergraduates, a maker space, and a street-level retail space along Massachusetts Avenue and Vassar Street. Proposals for a rooftop addition to provide a gathering area are also being considered.

The Metropolitan company informed several of its customers that all of their items in storage at the warehouse must be moved no later than Oct. 30. According to a Cambridge Day article, the letter informing those customers of the warehouse’s closure recommended that they move their belongings to Extra Space Storage in Dorchester.