Prospect Union Square welcomes its first residents
This post was published on 7/20/2023 on thesomervilletimes.com
Strong enthusiasm for Prospect Union Square’s upscale living and unparalleled proximity to the Green Line extension has leased more than half of the available apartment units
US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments, andAffinius Capital, announced that the first residents at Prospect Union Squarehave 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 byBozzuto, 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. TheHöweler + 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. For more information, please visit www.discoverusq.com.
US2 is the Designated Master Developer working in partnership with the community, the Somerville Redevelopment Authority and the City of Somerville to realize the shared vision for Union Square’s Revitalization. The deeply experienced venture includes affiliates of Magellan Development, RAS Development LLC, Cypress Equity Investments, and Affinius Capital. Collectively, the parties have decades of development experience across a range of real estate products and have created over $20 billion of successful projects, including many award-winning mixed-use projects. In 2015, US2 opened a local office in Union Square (31 Union Square, Somerville, MA) to augment the national reach of its partners with a hyper-local focus on neighborhood development efforts.
About Affinius Capital Along with its affiliate companies, Affinius Capital invests across the risk spectrum for a global client base, managing over $35 billion in net assets under management within a diversified portfolio across North America and Europe. Affinius Capital provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics. For more information, visit www.affiniuscapital.com.
About Bozzuto Bozzuto is an experience-focused real estate company distinguished by their innovative developments, dedicated customer service, and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction, and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve.
Since their founding in 1988, Bozzuto has developed, acquired, and built more than 50,000 homes and apartments. Celebrating 35 years of creating sanctuary for their residents, Bozzuto currently manages 90,000 apartments and 3 million square feet of retail space across the U.S., with 7 million square feet currently under construction. www.bozzuto.com.
About Cypress Equity Investments
Cypress Equity Investments is a national real estate investment company comprised of professionals who have been executing real estate investment strategies for the past three decades. Since its inception in 2001, CEI has been executing ground-up and value-add real estate projects in all asset classes, with a primary focus on multifamily, in top-tier markets across the United States. For more information, explore https://www.cypressequity.com/.
About Magellan Development Group
Magellan Development Group is a family-owned company that was founded in 1996. To date, Magellan is the premier developer of mixed-use properties in Chicago and has extended its footprint to other major U.S. cities, including Minneapolis, Miami, Nashville, Austin, and Somerville, MA. From conception to completion, Magellan looks after all aspects of the development process and has unique experience in interrelated fields of real estate design, construction management, development, development consultation, architecture, leasing, sales and marketing. For more information on Magellan Development Group, please visit: www.magellandevelopment.com.