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Somerville Real Estate: New Retail Development

Downtown Boston Real Estate, Somerville

Assembly Row Promo

If you were to go to an area with many outlet stores, how far outside of Boston do you think it is? 10 minutes, maybe 20? Both are incorrect. Surprising as it may seem, the closest outlet center is at least 45 minutes away in Wrentham, Massachusetts. Well, the town of Somerville, only 12 minutes away from Beantown just down Interstate 93 looks to change all of that. Especially with the recent economic troubles for many families, we are constantly looking for the best deals for classic brand names at accessible locations. Well, you will be immensely happy to soon be welcomed to the new Assembly Square!

Developed by Assembly Row, the proposed plan will cost upwards of $1.5 Billion dollars and is expected to get underway sometime in the new year. About 50 stores, many offices, a pair of 450 housing unit buildings with an additional third one to be designed (developed by AvalonBay Communities Inc.), a 12-screen movie theatre, a variety of restaurants, a new MBTA station and a completely new park perfect for outdoor concerts are all in the works. The Federal Realty Investment Trust began their involvement in this process 6 years ago. They are anticipating that the traditional mold will be broken which typically has seen such outlet stores clustered far outside of metropolitan areas. The increased competition with stores in Boston and the mass amount of consumers in the area will make this desired location one that will soon become a hot destination.

Of the 50 stores to be built, the first phase will include the construction of 45 of them, with 30 of these dedicated to housing large outlets, and the others used simply as smaller stores. For now, however, only roads have begun to be constructed. Despite this, the overall goal in this development is to have a place where people shop, live, eat and work. No longer is the expectation going to be an outlet mall many miles away from the city where individuals make the long drive only to shop and then leave. This new approach will have people living and working above these stores and will have far more of a neighborhood feel; an extension district to the city of Boston.

For those living in Somerville or anywhere nearby, this new destination will extend our Boston city limits and will certainly improve the real estate market in the Somerville area with all of this accelerated attention and desire to be in this wonderful location.

Source: Boston.com

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