Assembly Square

Assembly Square is a mixed-use, smart growth development located on convert|66.5|acre|m2 along the Mystic River in Somerville, Massachusetts. The site is two miles (3 km) from downtown Boston and accessible via I-93 and Route 28/Middlesex Fells Parkway.

Currently under redevelopment by Federal Realty Investment Trust, the new Assembly Square will combine retail, residential and commercial office space. The first phase of the project, completed in early 2006, was the Assembly Square Marketplace containing the retail stores Christmas Tree Shoppes, A.C. Moore, Sports Authority, Staples, TJMaxx, Kmart, and Bed Bath & Beyond.

The next phase of development is expected to begin in 2008 with the building of a new IKEA store. Subsequent phases will include the development of a new main street providing premium retail and residential space, state-of-the-art office and research and development space, a new MBTA Orange Line mass transit station and the renewal of the waterfront along the Mystic River with parks and other green space. When completed, Assembly Square will have pedestrian-oriented retail, housing, and convert|1750000|sqft|m2 of office and R&D space. [ [http://www.somervillema.gov/Section.cfm?org=ECONDEVEL&page=750 City Of Somerville - Assembly Square PUD 10/26/06 ] ]

History

* 1980: Assembly Square Mall opens. The building was originally a Ford Motors factory, [ [http://www.secinfo.com/dsbzp.81q.htm SEC Info - Shopco Regional Malls LP - 10-K - For 12/31/96 ] ] then a supermarket distribution center before being converted into the mall.

* March 2005: Federal Realty Investment Trust purchases Assembly Square and an adjacent convert|220000|sqft|m2|sing=on retail/industrial complex. [ [http://www.federalrealty.com/pressroom/press_release.php?rid=680463&year=2005 Federal Realty Investment Trust ] ]

* August 2005: The federal transportation funding bill, which includes $25 million earmark in federal transportation funding for a new Assembly Square station on the MBTA’s Orange Line, is signed into law. [ [http://www.somervillestep.org/2005/08/boston_globe_25.html STEP: Boston Globe: $25M for Assembly Square stop ] ]

* 2005/2006: The new Assembly Square Marketplace opens with retailers including Christmas Tree Shoppes; A.C. Moore; Sports Authority; Staples; Kmart; TJ Maxx and Bed, Bath & Beyond.

* April 2006: IKEA and Federal Realty announce agreement in principle on land swap and Federal Realty unveils preliminary master plan for Assembly Square. [ [http://www.somervillema.gov/newsDetail.cfm?instance_id=824 City Of Somerville - News Detail ] ]
* October 2006: Federal Realty, IKEA and Mystic View Task Force announce landmark accord including Federal Realty and IKEA’s $15 million contribution to a new Orange Line station and a long-term vision for Assembly Square with five million square feet of retail, residential, office, research and development space. [ [http://www.somervillema.gov/newsDetail.cfm?instance_id=928 City Of Somerville - News Detail ] ]

Redevelopment timeline

* Spring 2008 (expected): IKEA construction begins.
* Fall 2009 (expected): IKEA opens [ [http://www.somervillema.gov/spotlight.cfm?id=36 City Of Somerville - Assembly Square ] ]
* 2013 (expected): Orange Line station opens

Impact

When completed, Assembly Square is expected to bring an estimated $15 million in new tax revenue (or about 9 percent of Somerville’s total 2006 budget) to the city each year. [http://www.assemblysquare.com/redevelopment.html :::Assembly Square::: ] ] Several thousand new office, retail and professional jobs, are expected to be created. The design is intended to link Mystic River waterfront with surrounding parks by adding a pedestrian esplenade and bike paths.

Ownership and funding

As of 2008, the Assembly Square development is owned by Federal Realty Investment Trust, a $6 billion real estate investment trust based in Rockville, Maryland. The firm’s Boston-area portfolio contains more than two million square feet of retail space, including the properties owned through Federal Realty’s joint venture with Clarion Lion Properties Fund. [ [http://www.federalrealty.com/pressroom/press_release.php?rid=996630&year=2007 Federal Realty Investment Trust ] ]

Other sites owned by Federal Realty in the Boston area include Linden Square in Wellesley, Massachusetts; Chelsea Commons in Chelsea, Massachusetts; and North Dartmouth Shopping Center in North Dartmouth, Massachusetts.

The federal government will contribute $25M for the Orange Line stop which will be owned and operated by the MBTA. Federal Investment Realty Trust will contribute $10M and IKEA $5M. [ [http://www.somervillema.gov/NewsDetail.cfm?instance_id=1093 City Of Somerville - News Detail ] ]

References

External links

* http://www.assemblysquare.com
* http://www.federalrealty.com
* http://www.somervillema.gov/Section.cfm?org=econdevel&page=159