Huge ($1.5 billion) real estate development project in Somerville (Boston area) to break ground in fall 2011

..... and a new subway station as well.

Huge ($1.5 billion) real estate development project in Somerville (Boston area) to break ground in fall 2011.

After a several year delay, this project, owned by Federal Realty Investment Trust (a very well-run, formidable REIT based in the Washington, DC area), will commence construction this fall. (I think this is a major expansion of an existing FRIT project.)

According to what I read, this project, which is a multi-use residential / retail / office project, will change the face of the waterfront area in Somerville. Somerville is right across the river from downtown Boston.

http://www.federalrealty.com/

What We Do

Federal Realty is built upon foundations of opportunity. We take a disciplined approach to every aspect of commercial retail real estate. Whether it's redevelopment, property management, or acquisitions, we make sound decisions based on solid demographics, broad experience, and stable resources. This has led to a high quality portfolio of assets. We turn commercial real estate into exciting destination retail centers that suit their exceptional locations. Retail centers that work not only for neighborhoods and retailers, but for investors as well.

RELATED TO THAT PROJECT, WHICH IS KNOWN AS “ASSEMBLY SQUARE”, MBTA WILL BE CONSTRUCTING A NEW STATION FOR THE ORANGE LINE OF THE SUBWAY (THE “T”)

As part of the redevelopment of Assembly Square, Somerville is getting an Orange Line stop. Work on station design continues to ensure good pedestrian and bicycle access. It's expected to open around the end of 2013.

May 04, 2011

Bidding begins for Assembly Square station

Boston Business Journal: "MBTA opens bidding for Assembly Square station"
The Massachusetts Bay Transportation Authority is soliciting bids to construct the region's first Orange Line subway station since 1987, just days after Somerville officials signed-off on a $25 million bond to help pay for the new train stop.

Read the advertisement from the MBTA.