At February’s luncheon, Greg Karczewski (President at Union Square Station Associates (US2), Sunayana Thomas (Senior Economic Development Planner at the City of Somerville, and Thanos Matthaie (Associate at DLA Piper LLP (US) presented on both the history and the future revitalization of Somerville’s Union Square.
Greg Karczewski in partnership with development partners, USAA Real Estate and Magellan Development Group were selected back in 2014 by the City of Sommerville to be the Master Developer to lead this 2.4 million SF transit-oriented development and transform Somerville into Boston’s next innovation ecosystem through a concentration of life science and technology companies. The mission was to get companies to start, grow, and stay in Sommerville. After the streetcar went away and no public connectivity existed in and out of Somerville the city found itself a bit lost. The approval and addition of two new green line train stops strategically located on each side of the square was the real catalyst for fostering future development and desirability for companies to make Somerville their headquarters. After years of community outreach, thoughtful planning, and curating the right public/private partnerships , Union Square is prime to become Boston’s next major epi-center for biotech, lab, and life science office space.
This 15-acre redevelopment largely housed between Prospect St and Sommerville Ave. will occur over 7 different blocks, 4 square miles, and reside amongst one of the most densely populated communities within the commonwealth. The future of USQ currently includes 1.5 million SF of life science and technology space, 175 room hotel, 74,000 SF of Arts and Creative space, 1,000 residents, 145,000 SF of ground floor retail, and 3.6 acres of green open spaces for both residents and commuters to enjoy.
Phase 1 of USQ’s Master Plan is underway with Bank OZX in early February providing 239 million in funding for construction financing for a 194,000 square foot life science facility and adjacent 450-unit multifamily development located at 10 Prospect Street and 50 Prospect Street. The primary focus moving forward will be spurring development around the new T stop.
Karczewski confirmed that while significant changes are in place for Union Square “the fabric of the square shall remain the same”. The history and identity of this historic square will remain the foundation for this development.
