PREMIER DEVELOPMENT OPPORTUNITY • 14,375 SF OF LAND
Boston Realty Advisors is pleased to present 73 Summer Street, a premier development opportunity located in Somerville, MA. The offering is comprised of 14,375 square feet of land that was formerly used as a gas station, and sits in a zoning district that allows residential, commercial, and hospitality development. This opportunity offers investors and developers the chance to build in the fastest-growing Boston submarket on a site that sits a mile from the Porter Square Red Line stop and a half-mile from the Gilman Square Green Line Extension stop.
Additionally, 73 Summer Street a quarter-mile from the 2.3 MSF Union Square development and the 1 MSF Boynton Yards, which will be completed in phases over the next decade. These two developments will include 1.66 MSF of office and lab space. They are being built as relief-valves to the red-hot Kendall Square market, where the office and lab vacancy rates are at effectively zero percent. These projects will bring tens of thousands of highly-paid and highly-educated employees to within one mile of 73 Summer Street on a daily basis, which will drive demand for new construction residences in the area.
As a part of SomerVision, a 20-year plan released in 2010, the City of Somerville set employment and housing goals: 30,000 new jobs and 6,000 new housing units. In order to achieve these goals, the city recognized a need to overhaul its zoning code to allow developers to build more densely, especially on parcels on main thoroughfares and near MBTA stops, much like 73 Summer Street. This offering gives investors and developers the exceptional opportunity to tap into the growth that Somerville will enjoy over the next decade and beyond.
73 Summer Street is offered for sale on an un-priced basis. We will be conducting tours of the property with a “call-for-offers” to follow.
73 Summer Street is located within a 15-minute walk of the Red Line and the Green line, providing residents with convenient access to the entire MBTA system.
The Union Square and Boynton Yards developments will deliver a combined 3.25 MSF of new space, including 170,000 SF of retail space and 1.66 MSF of office space, within a mile of 73 Summer Street.
STRONG MARKET DYNAMICS
Somerville continues to demonstrate the strongest rental rate and condominium pricing increases year-over-year in Greater Boston.
73 Summer Street is within a mile of Assembly Row, home to some of Massachusetts’ most prized retailers, Partners Healthcare, and PUMA USA’s future headquarters site.
“Somerville is a vibrant city… we get all the benefits of being in such proximity to Downtown and many of our region’s most diverse communities located along the orange line, while mitigating commute times for our suburban employees.”
– Bob Philion, PUMA CEO
Jason s Weissman
Founder & Senior Partner
Nicholas M Herz
Managing Director & Partner
andrew b herald
daniel j dewing