Somerville Journal: Assembly Square purchase
A Maryland company bought a third of Assembly Square for $64 million this week, and city officials say the deal could speed development in the blighted area.
Federal Realty Investment Trust bought out the Assembly Square Limited Partnership’s interest in Assembly Square on Tuesday. In addition to the $64 million price on the 39 acres in Assembly Square, Federal Realty will also spend $38 million to complete ASLP’s renovation of the Assembly Square Mall.
With Lt. Gov. Kerry Healey present at the Assembly Square press conference, Mayor Joe Curtatone used the news of the sale to push the need for an Orange Line MBTA stop in Assembly Square.
“I just want to point out to her that if you look out the window for a few minutes, you’ll eventually see an Orange Line train rumble across the bridge over there,” Curtatone said. Healey said Governor Willard Mitt Romney will be releasing a 25-year transit plan soon and that some projects in Somerville “will be receiving attention,” in the plan.