Opportunity Zone | 0.52 Acre Development Site
Boston Realty Advisors has been engaged to market 273 Somerville Avenue, a 22,585 square foot development site in Somerville Massachusetts. Located in the center of Union Square, the heart of Somerville’s new zoning initiative is an assemblage of 6 lots between three owners (“Owners” or “Ownership”) who have asked Boston Realty Advisors to exclusively market their land together. 273 Somerville Ave Ownership shares the block that lies between Somerville Avenue, Washington Street and Merriam Street with the City of Somerville. The Site is entirely located within an Opportunity Zone.
As of December 12th 2019, the City of Somerville passed a comprehensive, city wide zoning overhaul in hopes to maximize demand by transforming Union Square into a mixed-use hub. With the delivery of the future Union Square MBTA Green Line station, the new zoning code calls for the urbanization of Union Square increasing employment opportunities in the City of Somerville. 273 Somerville Ave, based on the new zoning code, is in the Commercial Core 5 district with a Master Plan Development Overlay implemented to create design-based neighborhood and station area plans.
Ownership is happy to provide investors an opportunity to acquire a fantastic development opportunity at market rate. Boston Realty Advisors will be conducting tours of the property with a “call-for-offers” to follow.