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The state’s Department of Transportation is reviewing bids for a long-debated project that will transform Massachusetts Avenue between Pond Lane and the Cambridge line. Mike Verseckes, spokesman for MassDOT, said the reconstruction work will establish two eastbound travel lanes, one westbound, 5-foot-wide bike lanes on each side of the road, and parking lanes, spaces, and bus stops utilizing the street’s existing right of way. The lowest bid for the project was from J.H. Lynch and Sons, which submitted a price tag of $5.98 million, he said. MassDOT expects to award the bid in approximately 60 days, with construction potentially beginning as early as May, Verseckes said.