Assembly Square is a mixed-use, smart growth

Smart growth

Smart growth is an urban planning and transportation theory that concentrates growth in compact walkable urban centers to avoid sprawl and advocates compact, transit-oriented, walkable, bicycle-friendly land use, including neighborhood schools, complete streets, and mixed-use development with a...

 development planned for 66.5 acres (269,116.2 m²) along the Mystic River

Mystic River

The Mystic River is a river in Massachusetts, in the United States. Its name derives from the Wampanoag word "muhs-uhtuq", which translates to "big river." In an Algonquian language, "Missi-Tuk" means "a great river whose waters are driven by waves", alluding to the natural tidal nature of the...

 in Somerville, Massachusetts

Somerville, Massachusetts

Somerville is a city in Middlesex County, Massachusetts, United States, located just north of Boston. As of the 2010 census, the city had a total population of 75,754 and was the most densely populated municipality in New England. It is also the 17th most densely populated incorporated place in...

. The site is two miles (3 km) from downtown Boston and accessible via I-93 and Route 28/Middlesex Fells

Middlesex Fells

Middlesex Fells may refer to:* Middlesex Fells Reservation in Middlesex County, Massachusetts, US* Middlesex Fells Zoo - former name of the Stone Zoo...

 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

Sports Authority

The Sports Authority, Inc. is one of the largest sporting goods retailers in the United States. It is headquartered in Englewood, Colorado, and operates more than 460 stores in 45 U.S...

, Staples, TJMaxx, Kmart

Kmart

Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...

, and Bed Bath & Beyond

Bed Bath & Beyond

Bed Bath & Beyond Inc. was formed in 1971 and today operates a chain of domestic merchandise retail stores across United States, Puerto Rico and Canada. They feature mostly medium-ranged, but also a limited selection of high quality, domestic merchandise: items for the bedroom, bathroom, kitchen,...

.

The next phase of development is expected to begin in 2009 with the building of a new IKEA

IKEA

IKEA is a privately held, international home products company that designs and sells ready-to-assemble furniture such as beds and desks, appliances and home accessories. The company is the world's largest furniture retailer...

 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

Research and development

The phrase research and development , according to the Organization for Economic Co-operation and Development, refers to "creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of...

 space, a new

Assembly Square (MBTA station)

Assembly Square is a planned stop on the MBTA's Orange Line. The station is scheduled to open in 2014. It is being built alongside the planned Assembly Square project ....

 MBTA Orange Line mass transit station (projected opening, 2013) 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 1750000 square feet (162,580.3 m²) of office and R&D space.

History

• 1980: Assembly Square Mall opens. The building was originally a Ford Motors factory, then a supermarket distribution center before being converted into the mall.

• March 2005: Federal Realty Investment Trust purchases Assembly Square and an adjacent 220000 square feet (20,438.7 m²) retail/industrial complex.

• August 2005: The SAFETEA-LU
  Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users
  The Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users is a funding and authorization bill that governs United States federal surface transportation spending. It was signed into law by President George W. Bush on August 10, 2005, and expired as of September 30, 2009...
  
   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.

• 2005/2006: The new Assembly Square Marketplace
  Assembly Square Marketplace
  Assembly Square Marketplace is currently a power center and mixed-use development located in Somerville, Massachusetts. From the 1980s until the mid-2000s, it was an enclosed shopping mall called Assembly Square Mall. Scheduled plans for the facility call for a six phased expansion, thus changing...
  
   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.

• 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.

Redevelopment timeline

• Spring 2008 (expected): IKEA construction begins.
• Fall 2014 (expected): IKEA opens
• 2013 (expected): Orange Line station
  Assembly Square (MBTA station)
  Assembly Square is a planned stop on the MBTA's Orange Line. The station is scheduled to open in 2014. It is being built alongside the planned Assembly Square project ....
  
   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. Several thousand new office, retail and professional jobs, are expected to be created. The design is intended to link Mystic River

Mystic River

The Mystic River is a river in Massachusetts, in the United States. Its name derives from the Wampanoag word "muhs-uhtuq", which translates to "big river." In an Algonquian language, "Missi-Tuk" means "a great river whose waters are driven by waves", alluding to the natural tidal nature of the...

 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

Rockville, Maryland

Rockville is the county seat of Montgomery County, Maryland, United States. It is a major incorporated city in the central part of Montgomery County and forms part of the Baltimore-Washington Metropolitan Area. The 2010 U.S...

. 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.

Other sites owned by Federal Realty in the Boston area include Linden Square in Wellesley, Massachusetts

Wellesley, Massachusetts

Wellesley is a town in Norfolk County, Massachusetts, United States. It is part of Greater Boston. The population was 27,982 at the time of the 2010 census.It is best known as the home of Wellesley College and Babson College...

; Chelsea Commons in Chelsea, Massachusetts

Chelsea, Massachusetts

Chelsea is a city in Suffolk County, Massachusetts, United States directly across the Mystic River from the city of Boston. It is the smallest city in Massachusetts in land area, and the 26th most densely populated incorporated place in the country.-History:...

; 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.

External links

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