Boston Pads News on Somerville Apartments Development.
With the apartment rental market in Somerville becoming increasingly popular, it’s nice to see that construction is progressing nicely on the $1.5 billion Assembly Square development project. Construction started last March on what is being hailed as one of the largest residential real estate projects taking place in the greater Boston area.
According to residential developers AvalonBay Communities Inc., who are responsible for the proposed Assembly Row apartment buildings, the finished project will have 448 rental units. Overall, the Assembly project is expected to have 2,050 housing units and a 200-room hotel encompassing 470,000 square feet.
We here at Boston Pads are excited about the trend we’ve seen in recent years of new apartment complexes being built in Boston, and Assembly Square is no exception. The prospect of so many new Somerville apartments for rent is really exciting!
Even better is the fact that the Boston neighborhood will be mixed use. Assembly Square’s main developer, Federal Realty Investment Trust, has designed the 45-acre complex to include a new $29 million MBTA station (already underway), 1.75 million square feet of office space (planned for the second phase), and a refurbished park along Mystic River.
Federal Realty also has plans to open at least four-dozen stores and restaurants covering 830,000 square feet of retail space within Assembly Row. Developers are focused on opening outlet stores to attract Boston shoppers.
Although Ikea pulled out of the project in July after being a key figure in the Assembly development for 15 years, Federal Realty is moving forward—and even building momentum—in the creation of an entire Somerville neighborhood.
In fact AMC Theatres, the first major retail tenant to commit to opening in Assembly Square, plans to open a 12-screen movie complex in Fall 2013.
Feel free to contact us here at Boston Pads for more info about Somerville apartments etc…