REBusinessOnline

Joint Venture Breaks Ground on $2B USQ Mixed-Use Project in Metro Boston

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and USAA Real Estate, has broken ground on a $2 billion mixed-use project known as USQ in Somerville, just northwest of Boston.

The 15-acre, transit-oriented development is situated in the city’s historic Union Square neighborhood at the southeast corner of Somerville Avenue and Prospect Street. An official groundbreaking ceremony took place this morning.

Totaling 2.4 million square feet, USQ has been in the making for decades, according to the development team. Plans call for 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground-floor retail space. There will also be 3.6 acres of public space encompassing 11 new parks and two new Massachusetts Bay Transportation Authority (MBTA) stations.

The first office building, 10 Prospect Street, is slated for completion in the fourth quarter of 2022. Rising seven stories and spanning 194,000 rentable square feet, the LEED Gold building will include an outdoor terrace and onsite parking. Leasing is currently underway.

In the Somerville community, there are 18,000 residents who work in the scientific, technology or healthcare industries, according to the project website. Of the current Somerville residents, 46 percent are millennials.

JLL is serving as leasing agent for the lab and office portions of the project, while Boston-based Graffito SP is handling the retail leasing.

— Kristin Hiller

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties