The initial phase of Somerville’s Union Square redevelopment could include 840 apartments, a 200-room hotel and 600,000 square feet of office space on two parcels abutting the new MBTA Green Line station, according to a presentation by master developer US2.
US2, a partnership of Chicago-based Magellan Development and Mesirow Financial, was selected by the Somerville Redevelopment Authority in June to lead the project, which could include 2.3 million square feet of new development on seven blocks in the Union Square and Boynton Yards neighborhoods.
The first phase would be built on two parcels on Webster Avenue. US2 has an agreement to acquire the four-acre Beacon Sales property at 50 Webster St., said Greg Karczewski, president of Union Square Station Assoc. (US2). The developers also plan to negotiate with the owners of the other four-acre parcel at Webster Avenue and Columbia Street, which is occupied by the Royal Hospitality laundry.
"Those are the two parcels that bookend the T station and really create a gateway into Union Square," Karczewski said.
The goal is to complete the apartments by the end of 2017, when the MBTA station is scheduled to open. The housing would include 126 affordable units.
US2 will ramp up the commercial space gradually, starting with co-working space in an existing building and possibly building some speculative office space concurrently with the 150- to 200-room hotel, Karczewski said. A second office phase would include a larger building, possibly for a build-to-suit user.
The proposed density would require zoning amendments. The city is in the midst of an update to its master plan which could result in proposed changes to the zoning bylaws, which require approval by the city council.
US2 has hired JLL Managing Director Peter Bekarian to market the office space and Jesse Baerkahn of Graffito SP to lease the retail component.
Somerville By Design, the city’s planning outreach group, is hosting a three-day design charette beginning today. The public is invited to visit the former post office at 237 Washington St. between 10 a.m. and 5 p.m. Monday and Tuesday and 10 a.m. to 5 p.m. Wednesday, followed by a discussion group Wednesday from 7:30 to 9 p.m. For more information, visit somervillebydesign.com.
For expanded coverage of the Union Square redevelopment, see the March 16 print edition of Banker & Tradesman.
