- Assembly Row Orange Line T Station Now Open
- J.Crew Factory, LOFT Outlet and Banana Republic Factory Store Join 25 Key Tenants Open in Phase 1
- Partners HealthCare Commences Office Campus for over 4500 Employees
ROCKVILLE, Md., Sept. 10, 2014 /PRNewswire/ -- Federal Realty Investment Trust's (NYSE: FRT) newest mixed-use and transit oriented development, Assembly Row, is pleased to announce the achievement of several key grand opening milestones.
On September 2, Assembly Station on the Orange Line opened for business, connecting the Assembly Row neighborhood to the MBTA's approximately 390 million annual riders across the transit system and 200,000 daily riders on the Orange Line. Be it by bike along the new bike paths, by foot, by car, bus, T ride or even boat, Assembly Row is now one of the most accessible and connected outlet destinations in the country. "The opening of Assembly Station is a capstone for the Assembly Row development and unlocks significant future investment potential," said Don Briggs, President Federal Realty Boston. "Assembly Row is just minutes from downtown Boston and more transit friendly than any inner suburban corporate campus, being directly connected to Boston's urban core. Assembly Station will be the impetus for significant future growth in Somerville."
Concurrent with the opening of Assembly Station, key outlet retailers J.Crew Factory, LOFT Outlet, and Banana Republic Factory Store are now open, joining brands such as Nike Factory Store, Brooks Brothers Factory Store, The PUMA Store, Saks Fifth Avenue OFF 5TH, Reebok, Chico's and other regional draws. These retailers are complemented by a state of the art 12-screen AMC Theater, which has quickly become one of the Boston area's most productive movie theaters, New England's only LEGOLAND Discovery Center, and riverfront restaurant Legal On The Mystic.
"The trade area's enthusiasm was palpable from the time we kicked off our Grand Opening Season," said Russ Joyner, VP and GM of Assembly Row. "Assembly Row has continued to unfold and now offers the Boston consumer over twenty outlet brands within minutes of downtown Boston. Assembly Row is a game-changer for the outlet craving consumer living in the Boston Metro Area and one of the first developments of its kind in the country."
As the Grand Opening Season ramped up this summer, so did tenant openings and the activity within Assembly Row. Over twenty community events were held over the summer, drawing more than 50,000 people to shop and enjoy the new neighborhood along the Mystic River waterfront. Weekly programs like free yoga, boot camp, and art lessons in the park brought new consumers to the neighborhood and fueled a desire to return. Retailers tapped into the energy of the new neighborhood engaging with their consumers through in-store and neighborhood activity and programming. Nike launched a running club and walking club, Reebok hosted the neighborhood's yoga in-store on rainy days, and LeCreuset kicked off monthly cooking classes and demonstrations.
"The level of retailer programming to engage the community, typically only offered through the full-price stores, sets Assembly Row apart. This engagement has fueled the social storytelling by our collective customers which in turn, has catapulted our social channels further and faster than what we imagined," said Andrea Simpson, Director of Marketing at Assembly Row.
In another very important development for the Assembly Row Project, Partners HealthCare and Federal Realty have entered into a definitive agreement and commenced construction to bring more than 700,000 square feet of office space and another 100,000 square feet of retail, restaurant and amenities to Assembly Row. In 2016, Partners HealthCare plans to relocate over 4500 employees to Assembly Row and has the ability to grow up to 1.1 million square feet with over 6000 employees.
To celebrate the continued excitement, momentum and new retail of Assembly Row, Federal Realty will host its 7th Annual Riverfest on September 13 and expects over 15,000 people to attend the day-long tribute to arts, music, family and community. Riverfest is poised to be the largest event yet at the new neighborhood. Assembly Row will also premiere a new event, Row It Forward, September 19-21. The points based shopping event will support over 30 local nonprofit organizations while driving shoppers into the newly opened stores from across its 25 mile trade area.
About Assembly Row Phase One of The Outlets at Assembly Row has begun to unfold. By the end of the Grand Opening Season, the new neighborhood will include more than 30 nationally branded outlet shops including the now open J.Crew Factory Store, Brooks Brothers Factory Store, Saks Fifth Avenue OFF 5TH and Banana Republic Factory Store. A variety of sit-down restaurants and cafes line the riverfront park and streets, including Legal On The Mystic, Earl's Kitchen and Bar, Papagayo Mexican Kitchen, Ernesto's of the North End and River Bar. They provide the perfect match to an evening out at the now-open, 12-screen AMC Assembly Row 12 and IMAX or afternoon respite from New England's only LEGOLAND Discovery Center. The new six-acre waterfront park complete with bike lanes, children's area and an amphitheater already host a series of free events and fitness programs weekly. Assembly Station, The Row's dedicated MBTA high-speed transit stop on Boston's Orange Line sits at the heart of the new neighborhood. When fully built across 40 acres along the Mystic River, the Assembly Row neighborhood will feature a total of 635,000 square feet of outlet shops and restaurants, 2.8 million square feet of office space, a 170-room hotel, and 1,800 residences. Closer to downtown Boston than most of Boston, Assembly Row is accessible via two exits on and off I-93 and the new Orange Line MBTA station, which opened Sept. 2. For more information please visit AssemblyRow.com.
About Federal Realty Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.3% leased to national, regional, and local retailers as of June 30, 2014, with no single tenant accounting for more than approximately 3.2% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
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SOURCE Federal Realty Investment Trust
