Real Estate – Extending the Limits
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 happy to see the new developements taking place at 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 a desired location that will also increase value of real estate nearby.