IN PROGRESS: ASSEMBLY SQUARE
May 1, 2005 12:00 PM
Developer: Federal Realty
Location: Somerville, Mass. 1.5 miles from Boston's financial and commercial districts.
Costs: $64 million for land, $38 for redevelopment of the mall into power center.
Tenants: The property is 100 percent pre-leased to tenants including TJ Maxx, Bed Bath & Beyond, Staples, Kmart, AC Moore.
Buzz: Assembly Square is a 330,000-square-foot enclosed mall that is being redeveloped into a power center. Federal also has zoning entitlements to add four mixed-use buildings on 3.5 acres that will include 41,000 square feet of retail space, 51,000 square feet of office and 239 residents. Federal also purchased a 220,000-square-foot-retail/industry property adjacent to the site.
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