“Assembly Row – Boston’s Next Great Neighborhood” was the theme of the New England Women in Real state (NEWiRE), the region’s leading professional organization promoting the advancement of women within the commercial real estate industry, luncheon program on October 20, 2011 at the Four Seasons Hotel. The audience of 240 attendees was treated to a sneak peek of this highly-anticipated mixed-use development in Somerville, presented by Don Briggs, president – Boston at Federal Realty Investment Trust.
Federal Realty’s strategy is to buy the best real estate in the best markets, and turn commercial real estate into exciting destination retail centers that suit their exceptional locations. Federal Realty determined that the demographics were right for a project of this type in Boston: people ranging from young millennials to baby boomers are craving a more connected and convenient lifestyle that urban neighborhoods have to offer. Spread across 50+ acres on the Mystic River, Assembly Row is built on the success of Federal Realty’s premiere properties around the country, including Santana Row in San Jose, California and Bethesda Row in Bethesda, Maryland. Known for their extreme sense of place and vibrant merchandising, Federal Realty properties are heralded as the top destinations in their markets, producing some of the best sales and traffic in those markets.
Don gave an overview of the Assembly Row neighborhood, which is one of the largest development sites in the region and promises to be a local as well as a regional destination supported by great access to Route 93 and its own T station. Complementing the legacy of Boston and Cambridge, the Assembly Row neighborhood is a mix of retail, restaurants, entertainment, residences, offices, and a hotel designed to appeal to savvy, eco-conscious and discerning consumers. Only minutes from Boston, the project is connected to the great entrepreneurial centers in the Boston area: Kendall Square, Innovation District, Longwood Medical Center, Harvard and MIT. Assembly Row offers direct highway access to I-93 and will be anchored by a new MBTA train station on the Orange Line, a feature that will draw urbanites for work and play. This new station, approved just weeks ago by the MBTA, is the first station to be added to the T subway system in 25 years. The station will open in 2014.
The cohesive neighborhood environment has impressive numbers. The five million sf mixed use project boasts 550,000sfof retail, a 60,000sf movie complex, 1.75 million sf of LEED-engineered office space, 2,100 residential units, and up to 200 hotel rooms. The rental units, co-developed and managed by residential partner Avalon Bay, will break down in size as they move toward the water. Retail will occupy the first floor of the buildings, and walkable streets and accessible parking will make transit consumer-friendly.
Assembly Row is seeking a LEED for Neighborhood Development (LEED-ND), delivering an environmentally-friendly approach to the network of streets, buildings, common areas, and lifestyle. Federal Realty Trust is also creating dynamic public spaces for gathering, events, and community programs. The public waterfront park will be fully redeveloped; connecting Assembly Row to the Mystic River and marina, and two large park areas inside Assembly Row will host a full calendar of events and programming such as ice skating, concerts, shopping events, movie and art festivals, and the like. With the infrastructure installation coming to a close across the full project, groundbreaking on several of Assembly Row’s new buildings is planned for Spring 2012, followed by the opening of Assembly Row in late 2013. Assembly Row is currently leasing its office and retail space.
NEWiRE extends its sincere appreciation to Don Briggs for presenting at its October luncheon.
Janet Pirrello, a senior vice president with BayNorth Capital, is the 2011-2012 president of New England Women in Real Estate (NEWiRE).
