New construction projects in and around Boston have become ubiquitous, so most Bostonians walk past cranes and under scaffolds without giving them a second thought. But there’s a $1 billion, 2.3 million-square-foot project that’s sure to capture the attention of millions – the redevelopment of Somerville’s Union Square. Here’s what you should know about the massive development that includes new homes, public transportation, shops, open spaces and the next concentration of tech, biotech and life science companies within greater Boston.
There’s significant demand for Somerville real estate, and the 900-990 new residences in Union Square will add to the valuable inventory of Somerville condos for sale. 20% of these Somerville homes will be permanently affordable, and all of them will be within walking distance to the innovative companies that are sure to infiltrate the neighborhood’s corporate spaces. It will be several years before these homes are completed however, so buyers who are looking for Somerville condos for sale currently should take a look at Metro9, the newest luxury condos in the city.
Speaking of commercial space, the development plan is one that appeals to companies at various stages of growth, making it a burgeoning space for entrepreneurs, growing firms and well-established corporations. Many people have compared the future Union Square with Cambridge’s Kendall Square, marking it as the next great neighborhood for innovation and entrepreneurial endeavors. In addition to the 1.158 million square feet of science and tech space, and the 74,000 square feet of arts and creative space, Union Square is planning for 93,000 square feet of hotel space to accommodate tourists and other visitors to Somerville.
Somerville residents need a place to relax, connect with friends, play and explore, and the Union Square redevelopment project provides that in the form of 110K square feet of civic space, 50k square feet of public realm improvements and 27k square feet of new neighborhood parks.
By The Numbers
According to the Coordinated Development Plan (CDP), the 2.4 million-square-foot mixed-use neighborhood will include 1.4 million square feet of new work space and create 5,000 new jobs, in addition to 4,000 construction jobs. It is anticipated that the project will generate $11.3 million in annual tax revenue through commercial development, and the developer, US2 will contribute $5.5 million to the Green Line extension project.
The current schedule has construction starting this year, with the new Green Line station open and operation by 2021.
Those that own Somerville condos are mostly enthusiastic about the project, and it will likely result in an increase in property value for them since the city will be offering substantially more employment, entertainment and recreational activities. But many want to make sure that the project helps to preserve the diversity and authenticity of the neighborhood, something that is so important to those that rent and own homes in Somerville. One thing is for certain – though the redevelopment of Union Square won’t be completed for several years, it will surely add significant dimension to Somerville real estate and will make it a destination for some of the best employment opportunities in the Boston area. For more information about Somerville news and Metro 9, contact us.