450-Unit Prospect Union Square Welcomes its First Residents
This post was published on 7/18/2023 on bostonrealestatetimes.com
Somerville, MA – US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments, and Affinius Capital, announced that the first residents at Prospect Union Square have moved into the new, 450-unit apartment community comprised of a mid-rise building and 25-story tower located within the USQ development.
At the time of the initial move-ins, more than 100 units, representing over half of the available market rate apartments from Phase 1 and 2, have been leased. Managed by Bozzuto, Prospect Union Square sits in the heart of bustling Union Square with access to the new MBTA Union Square Green Line station at the building’s front door.
Located at 50 Prospect Street, Prospect Union Square represents a new class of housing to hit the market in Somerville. The Höweler + Yoon–designed community’s upscale accommodations and attractive amenities, coupled with the historic neighborhood’s irresistible food and beverage options, live music, community events, and farmers’ markets has attracted interest from both local residents and out-of-staters alike. With increased connectivity to major job hubs, educational institutions, and other points of destination, Prospect Union Square is squarely on the radar of working professionals, graduate students, and others seeking the convenience of the Green Line station.
“We are delighted with the positive receptive to Prospect Union Square thus far, with a lot of interest specifically around the MBTA station at our doorstep which makes the neighborhood more accessible than ever before,” said Abby Goodrich, Assistant General Manager of Prospect Union Square. “In my conversations with prospective residents, there is a lot of excitement to live in a new building with modern amenities, like the 24/7 concierge service, in this historic, thriving neighborhood.”
Prospect Union Square’s residents will enjoy the building’s top-of-the-line amenities, many never before seen in Somerville. The impressive array of amenities is highlighted by a state-of-the-art fitness center equipped with row machines, spin bikes, and free weights, an indoor dog run and pet wash station, a secured package room, a business lounge with private work rooms, community dining space, billiards and game tables, a lounge with fireplace, and bike storage. The building also offers an outdoor amenities deck, which is expected to be delivered later in the month featuring a pool deck with daybeds and chaise loungers, an outdoor lounge with firepits, and dining spaces with grills.
Phase 2 of Prospect Union Square is currently available for preleasing and is expected to be delivered in August.
Bowling alley redevelopment at 234 Pico Boulevard in Santa Monica takes a step forward
This post was written by Steven Sharp and published on 7/17/2023 on la.urbanize.city
Plans to bring housing and commercial uses to the site of a shuttered bowling alley in Santa Monica continue to inch forward, with the project set for a public hearing at the July 17 meeting of the Santa Monica Architectural Review Board.
Cypress Equity Investments, which acquired the site at 234 Pico Boulevard in 2020, has proposed the construction of new four- and five-story buildings on the property, featuring 186 studio, one-, and two-bedroom apartments above approximately 11,000 square feet of ground-floor commercial space and 346 parking stalls in a three-level, partially subterranean garage.
The revised project, which is the beneficiary to updates to the state density bonus law, will include 19 units of deed-restricted affordable housing, allow waivers from the property’s height restriction and other zoning limitations.
View looking southwest from Pico BoulevardKFA Architecture
KFA Architecture is now designing the apartment complex, which has undergone minor revisions since last seen by the Architectural Review Board in August 2022.
“The project is separated into two building forms connected by a frame element,” reads a staff report. “The façade of the building is defined by the frame which wraps the second through fourth floors. This organizes the building into a base, middle and top. The ground floor commercial spaces are clad in a variety of materials, the middle portion is largely contiguous and the rooftop penthouse has a different design expression as it is primarily glass.”
Among the changes seen in the design include revisions to better integrate the building with the existing “BOWL” sign, which would be retained and reinstalled on the property after construction of the apartment complex.
216-234 Pico BoulevardCity of Santa Monica
While the staff report indicates that not all of the changes requested at the earlier presentation have been addressed, the report nonetheless recommends approval of 234 Pico, with conditions to ensure future refinements to the design.
Cypress Equity Investments, based in neighboring Brentwood, has emerged as a prolific developer of Santa Monica housing. The firm was behind a recent slate of large apartment buildings completed on Lincoln Boulevard, and has at least a half-dozen additional developments planned or under construction elsewhere in the city.
The company’s acquisition of the 234 Pico site came after a prior owner had entitled the property for a smaller three-story development with 105 apartments and ground-floor commercial space. The new plan, thanks to density bonus incentives, is roughly 75 percent larger.
Eyes on the Street: Alameda Point Development First in Bay Area to Do Bike Lanes Right Nestled on the extreme western end of Alameda, bikewise the new development is like something transported from Europe
This post was written by Roger Rudick and published on 6/27/2023 on sf.streetsblog.org
Part of a network of sidewalk level bike lanes that connect the ferry to new housing in western Alameda. Photos: Streetsblog/Rudick
Streetsblog’s post last week about the new sidewalk-level bike lane in Oakland listed comparable facilities in Redwood City and Fremont and asked readers to mention any others that might have been missed. The City of Alameda’s Brian McGuire pointed out a BIG one: the Point development in Western Alameda.
The Point is a new housing development located on the former Navy base at the western end of Alameda island, along Atlantic Avenue. The units are all an easy bike ride from the Alameda Seaplane Lagoon Ferry Terminal.
The San Francisco Chronicle‘s urban design critic John King wrote a great piece about the initial development and its connection to the ferry. “I don’t think I would have done this deal without knowing the ferry would be there,” he was told by Michael Sorochinsky of Cypress Equity, which put the development deal together. “Connectivity is so important.”
That kind of commitment to non-car-based connectivity is great to read about. But it’s too easy to be jaded after hearing and reading many insincere equity pledges and statements like “we can’t continue to depend on cars” without any action backing them up. Just think of the Brooklyn Basin development in Oakland: sold as a “green” development project, it’s underpinned by giant parking structures. And despite its proximity to BART, the only real bike lane is a short path that leads nowhere and is obviously intended for show.
But Alameda Point’s developers were following a master plan put together years ago by progressive planners with the city working in collaboration with advocates. “Planning and Public Works staff deserve credit, but perhaps more than anyone Bike Walk Alameda founder Lucy Gigli and former Council Member, then Planning Board member John Knox White probably deserve the most credit for the 2014 Master Infrastructure Plan for Alameda Point being truly ahead of its time,” wrote city of Alameda’s McGuire, in an email to Streetsblog. “We’re just now bearing the fruit of that work.”
Yes, it still has parking and roads, but thanks to that plan the housing is connected to the ferry terminal by first-class, sidewalk-level protected bike lanes. Where the bike lane comes down to street level, near the terminal itself, it still has real protection, as illustrated in the photos above.
It’s not that motorists are ignored or neglected: far from it. In fact, there is ample parking and drop-off spots near the ferry pier. Between that and the ferry is the bike lane. A typical installation in Oakland or San Francisco would have plastic posts to deter, but not prevent, illegal parking on the bike space. But Alameda and the Point’s developers decided enough with the plastic and put in real obstructions, made of concrete, steel, and even wood, as seen below:
Soft-hit posts are used only to warn motorists of the presence of hard materials.
On Atlantic and many adjoining streets there are fully protected, sidewalk-level bike lanes (also known as cycle tracks) that are safe enough for a child to navigate.
Pedestrian space is clearly separated from bike space through color (see above and the lead image) and there’s a gentle curb to deter pedestrians and cyclists from mixing. But the curb isn’t so high that one couldn’t ride over it in an emergency.
Cyclists even got good consideration in the design of intersections and crossings. A raised crossing and perhaps a refuge island would have been even better, but the solid green stripe seen below makes it pretty clear that cyclists have priority here.
Now, a few small critiques. While sidewalk-level bike lanes are the rule at the Point, there were a couple of inexplicable exceptions, such as this short stretch of conventional bike lane on a side street:
And the development landscaping team needs to rethink its choice of trees–or get better about keeping them under control. There were too many fronds at head level overhanging the bike lanes. They were easy enough to avoid during the day, but at night they could cause a crash.
The other “flaw” with the project is that it lacks a connection to Oakland. But that’s the fault of Caltrans and the Alameda County Transportation Commission, who think it’s fine that there is no real bike access between Western Alameda and the rest of the region. Ultimately, such superb bike infrastructure should continue all the way to and across the estuary and into Oakland.
For now, though, it’s nice to see at least one development in the Bay Area that is serious about making bikes a viable form of transportation for people of all ages and abilities.
For more, be sure to check out John King’s review. But first, a few more pics:
US2 begins preleasing at Prospect Union Square - a new 450-unit residential community in Somerville, MA
This post was published on 6/2/2023 on nerej.com
Somerville, MA According to US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments, and Affinius Capital, apartments will begin preleasing at Prospect Union Square, a new, 450-unit residential community comprised of a mid-rise building and 25-story tower located within the USQ development. Managed by Bozzuto, Prospect Union Square’s first residents will be welcomed in July, placing them in Union Sq. with access to the new MBTA Union Sq. Green Line station.
Located at 20-50 Prospect St., Prospect Union Square represents a new class of housing to hit the market in the city. Complementing and rising above the city’s traditional triple-decker inventory, the Höweler + Yoon-designed community offers upscale accommodations and amenities within the historic neighborhood. Residents will step outside to find food and beverage options, live music, community events, farmers’ markets, a culture of exploration and innovation, and more within walking distance.
“All of us at Prospect Union Square couldn’t be more excited to welcome the first residents this summer,” said Ryan Gaffney, general manager of Prospect Union Square. “Our building offers a contemporary and refined style of living unparalleled in this thriving neighborhood, with easy Green Line access to North Station and beyond. We look forward to bringing a new energy to the community and helping introduce its newest residents to all this area has to offer.”
Community amenities are highlighted by an outdoor pool terrace with daybeds and chaise loungers, an outdoor lounge with firepits, and dining spaces with grills. The building also offers a secured package room, fitness center with spin bikes, free weights and weight machines, yoga studio, and private training rooms. Additional amenities include a business lounge with private work rooms, community dining space, billiards and game tables, a lounge with fireplace, and bike storage. The building is pet-friendly and features an interior dog run to keep animals active regardless of the weather as well as a pet wash station. Parking is available on site.
Apartment homes at Prospect Union Square feature several high-end appliances and finishes including: Vinyl woodgrain flooring, quartz countertops, tile backsplash, walk-in showers, Latch keyless entry, programmable thermostats, floor-to-ceiling windows, stainless steel appliances, electric range and oven, in-unit washer and dryer. Prospect Union Square is outfitted with high-speed internet access for residents’ convenience.
With environmental stewardship in mind, Prospect Union Square will achieve LEED Gold certification and 100% of the building’s energy needs will be supplied by renewable energy sources for at least a decade. The building’s integration into the surrounding area is reinforced by newly created public spaces including Union Square Station Plaza. Featuring over 18,500 s/f of new open space – with landscaping, outdoor seating, public art – along with ground-floor retail spaces that will define the project’s “front door,” serving to connect residents with the neighborhood beyond.
Prospect Union Square consists of 450 units (155 studio, 184 one-bedroom, 96 two-bedroom, and 15 three-bedroom apartments), including 90 permanently affordable units. More than 75 units will be delivered in the initial phase, with the remaining homes, including all affordable units, and amenities to follow over the next eight months. Prospective residents can visit the US2 office at 31 Union Sq. to learn more about living at Prospect Union Square.
The USQ development includes 1.4 million s/f of new lab/office space; 1,000 residences, including 200 permanently affordable units; four acres of parks and open space; 12 new, multi-purpose civic open spaces, including three neighborhood parks; 140,000 s/f of retail; 112,000 s/f of arts and creative space; and 175 hotel rooms.
This post was published on 5/15/2023 on therealdeal.com
$60M build is one of many the developer has in pipeline for Frisco area
Cypress Equity Investments’ Michael Sorochinsky and a rendering of the project
Los Angeles-based Cypress Equity is adding to its significant Texas multifamily pipeline in a suburb that could be the next North Texas boom city.
The firm plans an 11-building, 480,000-square-foot apartment complex in Celina, a suburb north of Frisco. It is part of the Ten Mile Creek master-planned community.
The project will be located off the in-progress Collin County outer loop highway extension on 251-acres of undeveloped land east of Coit Road. It will include 381-units and cost $60 million to construct, or $158,000 per unit, according to a Texas Department of Licensing and Regulation filing, although plans are subject to change.
Construction could start in September and last into 2025. Specific amenities have not yet been announced, but a resident clubhouse will be included in the project. Cypress Equity didn’t immediately respond to a request for comment.
Corson Cramer Development is spearheading the Ten Mile Creek masterplan, which will include 371 single-family homes, 110 townhomes, rental homes and apartments, plus retail and restaurants. Corson Cramer is also developing the North Sky Celina and Cross Creek Meadow projects in Celina.
Cypress Equity has been prolific in the northern suburbs of Dallas-Fort Worth. It has another 1,000 units planned at two other Celina multifamily projects and others planned for Rowlett, Grand Prairie, McKinney and Melissa.
Cypress has invested and developed more than 160 projects nationally amounting to more than $15 billion of value, according to the firm’s website. The firm has offices in Denver, Los Angeles, and Chicago with plans to open a Dallas office, the Dallas Morning News reported.
With the incoming highway extension, Celina has become the hot ticket for big name real estate investors. Since the pandemic, developers and investors have snapped up thousands of acres near the route of the Dallas North Tollway extension between Collin and Denton counties.
Celina’s current population is 23,811, up from 6,000 a decade ago, according to U.S. Census estimates. The city is projected to hit population 160,000 in the next 10 years and has land potential for about 370,000 residents, the Dallas Business Journal reported.