Transactions - JUNE 15, 2017

$1b Boston revitalization project moves forward

by Andrea Waitrovich

The Somerville Board of Aldermen approved rezoning to allow the city to move forward on a proposed $1 billion, 2.3 million-square-foot Union Square redevelopment project. Somerville is situated just northeast of Boston, adjacent to Cambridge.

The new mixed-use project would include 1.3 million square feet of new office and civic spaces, along with 2.5 acres of public and open spaces. City officials expect the project will create more than 5,000 new permanent jobs. The development will also provide housing, with 20 percent of the supply dedicated to low-income families.

Also, Somerville is working on a $2.3 billion Green Line extension, which would connect Union Square with surrounding neighborhoods and Boston through the train system.

Other revitalization and billion-dollar projects in the United States include:

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