2.3-million-square-foot mixed-use development in Somerville’s Union Square moves forward with zoning approval Update
A $1 billion, 2.3-million-square-foot mixed-use development in Somerville’s Union Square is moving forward following the City of Somerville’s approval of zoning required to build the project. Upon full buildout, developer US2’s project will feature 1.38 million square feet of commercial space, with uses including office, lab, hotel, retail and arts and creative economy spaces, in addition to residences. 25% of the project will be comprised of public open space, including over 2.5 acres of high-quality civic spaces. US2's development will be located steps from the upcoming Union Square MBTA Green Line station, which will open in 2021.
The zoning approval follows three years of community planning. US2 will present a coordinated development plan in the coming month and aims to start construction of the project’s initial phase in 2018, with completion anticipated prior to the Union Square Green Line station’s opening. Construction will be phased across 15 to 20 years, creating over 4,000 new construction jobs. The 2.3-million-square-foot project will span 15.5 acres across a number of parcels located in the heart of Union Square, creating over 5,000 new permanent jobs, supporting local businesses and further activating Union Square.
US2's development will generate over $10 million in yearly tax revenue. As part of the project, US2 will contribute $19.2 million in public benefits, including $5.5 million towards the Green Line extension. “Union Square’s proximity to Kendall Square, MIT and Harvard - one the densest innovation centers in the world - makes it poised for the next wave of economic growth,” said Greg Karczewski, President of US2. “We’re bringing 2.3 million square feet of new mixed-use, transit-oriented development to one of the hottest real estate markets. Somerville has great restaurants, historic neighborhoods, a distinctive creative culture and a young, educated workforce, making it one of the most up-and-coming cities in the U.S.”