In response to the MBTA’s Green Line Extension project, which will include opening a new T stop in the Union Square area of Somerville, Mayor Joseph Curtatone has started to look for developers to help build up the area near the anticipated stop. Already, some of the area’s top master developers have expressed an interest in the project, with the mayor saying he has received ten responses to his request for qualifications.
This past December, the Somerville Redevelopment Authority put out a call for a partner to assist in the development of more than two million square feet of space in the Union Square area. Although the new T-Stop is not expected to be open until late 2016 or early 2017, the city has already identified several parcels of land that can be developed into new retail, commercial and residential space. The city wants to make this a true mixed use space where office, retail and community space effectively incorporates residential space around public transportation. The city also wants the new space to blend smoothly into the existing neighborhood.
Some of the developers who have expressed an interest in the project include The HYM Investment Group and the Fallon Company. The HYM Investment Group is currently developing North Point at the Somerville-Cambridge line while also working on the redevelopment of the Government Center garage in Boston. The Fallon Company was the master developer of Fan Pier in the Fort Point neighborhood of Boston. Other companies that have expressed an interest in the project include National Development, RedGate Real Estate, Federal Realty Investment Trust,The Abbey Group. KSS Realty Partners, Samuels and Associates, Trinity Financial, The Community Builders, Chicago-based Magellan Development Group and Orgeon-based Gerding Edlen.
The Redevelopment Authority has already started the process of reviewing the qualifications of each candidate and will soon began to create a short list of qualified candidates. The finalists will then be interviewed and asked to submit a proposal for final evaluation. The developer chosen for the project will be required to work closely with property owners in order to take full advantage of all of the opportunities the land has to offer. The developer will also be required to establish a mutually agreed upon fair market value for the land.