US2 agreement receives SRA approval after key 4-1 vote
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By US2 – Union Square Station Associates

US2 is proud to announce that at last Thursday’s Somerville Redevelopment Authority meeting, the Master Land Disposition Agreement (MLDA) between the Somerville Redevelopment Authority (SRA) and Union Square Master Developer Union Square Station received a 4-1 vote of approval. The Agreement sets the terms for the acquisition and redevelopment of 15.5 acres of designated development land in Union Square by US2. The properties are part of the state-approved Union Square Revitalization Plan that was adopted by the Somerville Board of Alderman in 2012.

“We want to thank the members of the Board of the SRA for their vote of approval on the MLDA,” said Greg Karczewski, President of US2. “Together, we are going to make Union Square into a destination for employers, creating more green space, achieving housing goals with a range of affordability, and preserving the neighborhood character that everybody loves today.”

At full build-out, the project will be a 2.3 million-square-foot mixed-use employment center, with 1.38 million square feet of new workspaces – five percent of which will be dedicated to arts and creative enterprises. The project will also provide desperately needed housing for families, empty nesters, young workers and everything in between. Once approved, the project will create more than 5,000 new permanent jobs and more than 4,000 new construction jobs as well as generate millions in jobs linkage payments to support local workforce development initiatives. New development will also generate millions in new tax revenue every year and a near-term surge in permitting fees that will also total millions. A mix of commercial and residential uses will activate Union Square during work hours and in the evenings as well as bringing significant new spending to neighborhood businesses.

What will eventually be built in Union Square has yet to be completely determined as the Board of Aldermen is currently reviewing zoning for the designated parcels. That zoning has been guided by the principles set out in the City’s comprehensive planning initiative that included SomerVision and the City’s award winning Neighborhood Plan for Union Square.

Moving forward, the redevelopment process will remain open, inclusive and public. The Board of Aldermen will be addressing zoning over the next month in a series of hearings.

Once zoning is set, US2 will present its coordinated development plan for all of the designated development parcels to the community. We look forward to continuing to work with the City, the SRA and the Board of Aldermen to realize the goals the community has set. “We have been working with City and community stakeholders on this for over three years, and we want to get it right,” stated Karczewski. “I think we are almost there and look forward to the next steps.”