By Marshall Collins

While the Boston area’s real estate market continues to expand, financial forecasts warn of a forthcoming economic downturn. However, in Somerville, the master developer selected by the city to revitalize Union Square, Union Square Associations (US2), may finally break ground very soon.

US2 was selected by the city in 2014 to collaborate with local stakeholders to create a comprehensive vision for the redevelopment of Union Square, and to deliver public benefits through the redevelopment. Community processes, neighborhood planning, land transfer agreements, a community benefits agreement and Planning Board approvals over the past five years have meant that Union Square has yet to participate in the region’s economic growth.

Now, as Somerville seeks to capitalize on the biotech and life sciences boom that grew commercial tax bases and increased job opportunities in Cambridge and Boston, two recent approvals may signal that the Union Square revitalization is set to move forward.

After more than a year of project evolution through Design and Site Plan Review, Somerville’s Planning Board approved the project’s 175,000 square foot, $160 million life sciences building in mid-July. Then, in late August came unanimous approval of the remaining applications for this first phase: Two mixed-use residential buildings (with a combined total of 450 housing units, including 90 affordable units) and 33,000 square feet of total civic space – an increase of more than 11,000 square feet from what was initially proposed.

Project proponents point to the lab building as a catalyst for creating new jobs in a city where 80 percent of residents leave the city to go to work each day. The project will also generate substantial new commercial tax revenue and provide new housing across income levels, helping Somerville achieve its housing goals as laid out in SomerVision.

On the community front, the project reached a major milestone over the summer when US2 and the Union Square Neighborhood Council Negotiating Committee concluded their community benefits negotiations. The agreement includes a number of additional commitments in the areas of housing, workforce development, small business assistance, sustainability and open space, among others.

The long-awaited arrival of transit to Union Square through the MBTA Green Line Expansion project is yet another point of emphasis for some residents. US2 is poised to contribute $1.7 million toward MBTA station improvements at the stop, including an elevator at the Prospect Street bridge, ADA access, The Ride drop-off, an employee breakroom, as well as other financial commitments to see the project through.

As concerns about a potential economic slow-down increase, those in favor of implementing the years of planning in Union Square are only more eager to see Somerville capture the new jobs and tax revenue that could position the square as a resilient city center, one that may be better poised to coexist with changes in the economy.