Bob Walsh sheds light on Assembly Square redevelopment

M. Smith Granade Bob Walsh is clearly excited about the redevelopment of Somerville's Assembly Square. The commercial real estate developer's eyes brighten when he speaks of the subject. "We're in a very good place," he says, referring to both the location and the timeline for phasing in the development. Mr. Walsh is Vice President of Development for Federal Realty Investment Trust, the consortium heading the project. Mr. Walsh has been in the real estate business for more than thirty years and joined Federal Realty in 2005. A native of upstate New York, he holds a bachelor's degree from the University of Toronto and an MBA from the University of Michigan. World-wide furniture store IKEA's opening will kick off redevelopment efforts at Assembly Square. Mixed retail and office space development is slated for 2012 and the Assembly Square T stop is set to be functional the following year. Walsh says Assembly Square will feature 5 million square feet of mixed use property. With retail, office, and residential space Assembly Square will embody the trendy concept of redevelopment around urban centers, explains Walsh. "People don't have to park and get out of their cars." Moreover, the new T stop will help "people realize just how close to Boston Somerville is." The residential space will consist largely of one and two bedroom units and is expected to appeal to empty-nesters and young urban workers. Walsh says that Assembly Square will reflect the character of Somerville; "there will be a real feel of community." However, there are concerns about traffic that are at the forefront in the minds of many Somervillians. Walsh explains that developers are conducting traffic studies, planning intersection improvements and "pushing use of the T." Asked how the current downturn in both the larger economy and the residential and commercial real estate markets will affect investment and the timing of development, Walsh expects that "the market will be back by 2011." Although the location of Massachusett's second IKEA store in Somerville has caused controversy, there is no negating the potential for positive economic impacts on the community, which Bob Walsh eagerly touts. Somerville residents will have the first opportunity to apply for the 500 jobs IKEA is expected to directly create, notwithstanding the employment other retailers will bring to Assembly Square down the line. A twelve screen movie theater is among the new venues. All said, Bob Walsh expressed satisfaction with the progression of Assembly Square. Somerville, he says, "is a community whose time has come."