The several hundred apartment units, shopping, and new T station currently at Assembly Row in Somerville are actually just the first phase of the massive mixed-use development.
In a recent quarterly report, Federal Realty Investment Trust, the site owner and developer, announced Assembly Row’s Phase II, which is projected to open in 2017 or 2018. The expansion will be made up of 3 buildings, which include:
– 167,000 square feet of retail space
– 447 for-rent residential units
– 117 for-sale condo units
– A 155-room boutique hotel
– 700,000 square feet of office space constructed by Partners HealthCare
“When we originally conceived of our master plan we always envisioned a healthy mix of residential, retail, and office,’’ Patrick McMahon, director of development at Federal Realty told Boston.com.
There will be two separate residential buildings, McMahon said. The rental building will be adjacent to the new Assembly Row Orange line T stop, and the condo building will be directly across the street. Federal Realty is looking to promote to “all market segments,’’ according to McMahon, and the residential units will range from studios to three bedrooms.
“The three-beds address growing demand from families,’’ McMahon said.
McMahon said AvalonBay, which developed residential units during Phase I of the project, has seen demand across the board – from young professionals to empty nesters. Federal Realty would like to repeat that trick.
“The neighborhood is resonating not just with one particular market demographic,’’ he said.
Ground has already been broken on the office space, which will be for Partners HealthCare. Federal Realty hopes to break ground in the next month or so on the for-lease building. McMahon said the condos could be under construction by fall of 2015.