Developer Breaks Ground on Union Square Labs, Housing
Banker & Tradesman, July 21, 2021
Author: Steve Adams
The master developer of Somerville’s $2 billon Union Square urban renewal project broke ground this morning on the first phase of the 2.4 million development spanning 15 acres near the upcoming Green Line Extension transit project, where a station on Prospect Street is scheduled to open in December.
The first phase is being built at 10-50 Prospect St., a 4-acre site that will include a 450-unit apartment tower, 194,000 square feet of lab and R&D space and 271 parking spaces. Completion is scheduled for late 2022.
The total project is approved for 1.2 million square feet of office and lab space, 1,000 housing units, 140,000 square feet of retail, 74,000 square feet of arts and creative space and a 175-room hotel. The plan retains 3.6 acres of parks and open space.
Master developer US2 is a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and USAA Real Estate.
Gilbane Building Co. is responsible for the lab project while Cranshaw Construction will lead the housing portion.
Leasing agents include JLL for the life science project and Graffito SP for retail and placemaking.