Business & Tech
Assembly Row and Maxwell's Green Developers Eye Union Square Prize
A handful of well-known firms may throw their hats in the ring to partner with the city on redeveloping Union Square.
The developers of Assembly Row and Maxwell's Green are among those who might seek to become the master developer of several redevelopment parcels in Union Square.
Ward5Online posted about the Maxwell's Green connection after examining a list of "prospective bidders" found on the city of Somerville's purchasing page.
You can read Ward5Online's post here.
In addition to Federal Realty Investment Trust (Assembly Row) and KSS Realty Partners and Redgate Capital Partners (partners on Maxwell's Green), another familiar name on the list of prospective bidders is Cathartes Private Investments, which is already working on a mixed-income project in Union Square with the Somerville Community Corporation.
Boston Properties, The Fallon Company and Trinity Financial are other firms that are listed as prospective bidders. See the whole list here.
The city of Somerville is seeking one master developer to serve as a partner on redeveloping up to seven "development blocks" outlined in the Union Square Revitalization Plan. The development blocks, taken as a whole, had an assessed value of about $26 million in 2012. Some parcels in those development blocks could be taken by eminent domain.
On Tuesday, the city announced the composition of a 19-person advisory committee that will help select the master developer.
The prospective bidders list was updated on Jan. 10, but interested developers have until Jan. 31 to submit bids in response to the city's "request for qualifications."
The city plans to select a master developer by April 1.
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