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