Aerial View of USQ, a $2 billion 2.4 million square foot development centered around the MBTA’s Union Square Station in Somerville, MA, Developed by US2; Rendering Credit: US2
March 15, 2022 – Somerville, MA – As the MBTA Green Line Extension (GLX) prepares to open transit service at Union Square Station in Somerville next Monday, March 21, 2022, US2 underlines what this major milestone means for Union Square and its $2 billion, 2.4 million square feet, mixed-use development, USQ, which lies adjacent to the new train station. Union Square Station will serve as a new terminus for the D branch, as part of the Green Line Extension, making this neighborhood all the more accessible and attractive as it transports riders from Union Square to North Station in less than ten minutes. Beginning in 2015, US2 collaborated closely with the MBTA and the City of Somerville to help bring Union Square Station to fruition, connecting Somerville with the entirety of the MBTA system and greater Boston’s economy. These efforts not only helped to maximize Union Square’s accessibility and connectivity for all ages and abilities, but also to reduce congestion and pollution. The addition of Union Square Station is a central element to the USQ development, and to the transformation of Union Square into a vibrant, sustainable and mixed-use employment center, as envisioned by the City’s SomerVision plan.
“The opening of Union Square Station on the Green Line Extension is a historical moment for the City of Somerville, a critical transit improvement, and an anchor to our USQ development. Between USQ and The Green Line Extension, there will be a profound ripple effect on life in Union Square, enabling new and existing residents to connect more readily with Greater Boston; allowing thousands of workers to come to and from Union Square with ease, and making way for patrons to better explore stellar art, retail and dining destinations. We are thrilled to mark this milestone, knowing that it represents our collective efforts to usher in a new, bright future for Union Square as a mixed-use employment center, while immediately delivering on numerous public benefits. US2 was honored to play a role in this transformative project and is very grateful to the MBTA and City of Somerville for their partnership and commitment,” says Greg Karczewski, President of US2.
USQ will become the newest destination within the Boston-Cambridge innovation economy as it expands on the neighborhood’s vibrant residential community. The 2.4 million square foot development is central to Somerville’s growth plans, delivering on the community-led “SomerVision” plan by increasing jobs, housing, open space and mobility options. In total, USQ’s 2.4 million square feet is comprised of 1.2 million square feet of new lab, office, and innovation space; 1,000 residences, including 200 permanently affordable units; 3.6 acres of parks and open space; 11 new, multi-purpose civic open spaces, including 3 neighborhood parks; 140,000 square feet of retail; 74,000 square feet of arts and creative space; and 175 hotel rooms.
In laying the foundation for USQ, US2 maintained a commitment to smart growth principles and best practices in urban planning. The development is organized around forward-thinking approaches to mobility management, all of which promote walking, cycling and transit ridership over vehicle use.
US2 collaborated closely with the MBTA and the City of Somerville, and committed to delivering improvements that directly support Union Square Station operations, including
an elevator serving MBTA patrons to the south,
an MBTA bicycle storage facility,
an ADA accessible pathway (as planned, interim facilities are now open and permanent facilities will deliver between now and 2023),
MBTA employee facilities (as planned, interim facilities are now open and permanent facilities will deliver between now and 2023).
USQ is also committed to new neighborhood mobility infrastructure that creates upgraded pedestrian routes, 1,750 bike parking spaces, new bike lanes, improved bus stops, and mobility management programs.
Additionally, US2 committed more than $6 million to offset the City of Somerville’s financial contribution to the GLX project and to support the City’s efforts to expand mobility options within the neighborhood.
10-50 Prospect Street within USQ; Developed by US2; Rendering Credit: US2
Union Square Station on the GLX directly neighbors Phase One of USQ, 10 – 50 Prospect Street, a four-acre site that broke ground in early 2021. 10-50 Prospect Street will be home to three buildings with 194,000 square feet of lab and innovation space, 450 apartment units, as well as retail, arts and creative spaces, all slated for delivery in 2023. Additionally, USQ’s Station Plaza and new streetscape along Prospect Street, will offer a welcoming, civic open space and reimagined pedestrian experience that will engage commuters as they bustle to and from Union Square Station.
USQ is developed by US2, a joint venture between Magellan Development; RAS Development LLC; Cypress Equity Investments and USAA Real Estate. The project is being implemented in collaboration with the Somerville Redevelopment Authority and is part of a M.G.L. Chapter 121B Urban Renewal Plan (i.e., the Union Square Revitalization Plan). http://www.discoverusq.com; @disoverusq
US2 is the Designated Master Developer working in partnership with the community, the Somerville Redevelopment Authority and the City of Somerville to realize the shared vision for Union Square’s Revitalization. Supported by the new MBTA station, US2 is building 2.4 million square feet of labs and offices along with housing, green space and new storefronts. It will deliver on critical SomerVision goals of providing jobs, housing and open space, alongside community benefits developed by and for the needs of local residents, workers and businesses. The deeply experienced venture includes affiliates of Magellan Development; RAS Development LLC; Cypress Equity Investments, and USAA Real Estate. Collectively, the parties have decades of development experience across a range of real estate products and have created over $20 billion of successful projects, including many award-winning mixed-use projects. In 2015, US2 opened a local office in Union Square (31 Union Square, Somerville, MA) to augment the national reach of its partners with a hyper-local focus on neighborhood development efforts.
About USAA Real Estate
Along with its affiliate companies, USAA Real Estate invests across the risk spectrum, managing nearly $30 billion in net assets under management for its global client base. USAA Real Estate provides strategic capital for thematic investing, capitalizing on the accelerating demand for technology-driven real estate assets. Investments are diversified across North America and Europe, with a portfolio that includes e-commerce logistics and distribution centers, media production facilities and data centers, as well as multifamily, office and hotel properties. For more information, visit usrealco.com