Developers To Build Supermarket on IKEA Site in Somerville
Federal Realty Investment Trust and IKEA have signed a purchase and sale agreement on 12 acres of land in Assembly Square.
Federal Realty Investment Trust, the developers of Assembly Row, have agreed to purchase the 12 acres of land in Assembly Square owned by IKEA, and they plan to build a supermarket there, according to the Boston Globe.
Plans for this site have raised some concerns in Charlestown in the past related to the possible increase in traffic if a major store like IKEA is built there. Local residents have asked city officials to consider the effects traffic from this kind of devleopment would have on the Rutherford Avenue corridor project, which connects to Somerville.
On Tuesday, Dec. 11, the Boston Globe reported that Assembly Row developers have signed a purchase and sale agreement with IKEA and that the sale price was not disclosed.
The IKEA parcel will add land to Assembly Row's $1.5 billion development in Somerville's Assembly Square, which will contain residential, retail, office and restaurant space. Among other things, Federal Realty Investment Trust plans to bring high-end outlet stores and a new movie theater to its development.
In addition to constructing a supermarket at the former IKEA site, Federal Realty Investment Trust will consider building an office building and a residential building there, according to the Globe.
IKEA, which first purchased land in Somerville's Assembly Square in the 1990s and was long speculated to bring one of it's massive flat-pack furniture warehouse stores to the city, decided in July not to build there.
Somerville Mayor Joseph Curtatone, speaking in early December about the imminent sale of the IKEA parcel, said it would "open up opportunities" in the area.