Somerville, MA – Federal Realty Investment Trust announced that Assembly Row has been recognized as the most impactful project in the Boston area in the Commercial Development category of the 2022 CoStar Impact Awards.
Located on a former brownfield site that housed the manufacturing of Ford Motor Co.’s short-lived Edsel automobile, Federal Realty Investment Trust has created a mixed-use complex of retail, office, multifamily and hotel developments and revitalized a previously underutilized area of the city.
Phase 3 of Assembly Row in Somerville furthered the overhaul of the former auto plant site that gave the area its name and closed in the 1950s. The latest wave included 277,000sf of office space, 56,000sf of retail, and 500 residential units at a cost between $465 million and $485 million. At the close of 2021, 244,000sf of office space was leased and roughly 160,000sf of office space was occupied, all of the apartments in the new residential tower were online, and 23,000sf of retail space was open for business, according to Federal Realty. The office building is the North American headquarters of sports apparel firm Puma.
“We are grateful to CoStar for this recognition in the inaugural year of their Impact Awards program,” said Patrick McMahon, senior vice president, regional development at Federal Realty. “Assembly Row continues to evolve, and Phase 3 is an especially critical component in delivering an authentic neighborhood experience to residents, employees, neighbors, visitors and consumers. We are looking forward to continuing our transformation of this site as we begin the design process for Phase 4.”