USQ Update 01/08/21

USQ Development Takes Off With $239 Million Transaction and Issued Building Permit

The Somerville Redevelopment Authority has sold 10 Prospect Street and 20-50 Prospect Street to Union Square Station Associates for $13,036,454.93 and $7,989,646.97 respectively. 

In addition, Union Square Station Associates have secured construction financing through Bank OZK totaling $239,200,000 for both 10 & 50 Prospect Street. A building permit for foundational work and a retaining wall was also issued for 50 Prospect Street, kicking off the development of a 700,000 SF mixed-use tower within the Union Square redevelopment project. The 10 Prospect Street building is set to include 193,000 square feet of lab space.

Featured in our 21 Projects to Watch in 2021 list, USQ calls for 2.4 million square feet of development that will coincide with the MBTA's Green Line Extension into Union Square. Situated across 15.7-acres the project will feature a mix of uses including biotech, lab, office, residential, and retail space.

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