JV breaks ground on $2b mixed-use project in Boston

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, northwest of Boston.

The project totals 2.4 million square feet of new development spanning 15 acres near the upcoming Green Line Extension transit project.

Union Square’s revitalization is a key component of the City of Somerville’s “SomerVision,” a plan to make Somerville a regional employment center by creating a 30,000 new high-quality jobs through new commercial development. The addition of the MBTA Green Line to Union Square, one of Somerville’s oldest commercial districts and cultural centers, will be a catalyst for USQ’s 2.4 million square feet of new mixed-use development, including 1.4 million square feet of new biotech, lab and office, and 1,000 new housing units and retail space. Working together with the city, the borrower was selected as the mast