Business & Tech
Major Investor Signs On To Union Square Redevelopment
The $1.5 billion project is expected to begin this year and will include 2.4 million square feet of mixed-use space.
SOMERVILLE, MA – The redevelopment of Somerville's Union Square has a major investor backing it. Financial services company USAA is now an equity partner in the project, which is being developed by Union Square Station Associates (US2), according to the Boston Globe.
The terms of USAA's investment were not made public, the Globe reported. Construction on the $1.5 billion project is expected to begin this year.
At full buildout, 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 and millions in job linkage payments to support local development initiatives, according to US2.
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US2 has said the project is expected to generate $11.3 million in annual tax revenue through commercial development. The company is also contributing $5.5 million to the Green Line extension project.
Image via Shutterstock
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