SOMERVILLE, Mass., Feb. 9, 2011 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced that the Massachusetts Bay Transportation Authority (MBTA) board voted to approve a memorandum of agreement (MOA) between Federal Realty and the MBTA -- another significant milestone in Massachusetts' largest development project.
The approved agreement which received unanimous support from the board outlines the relationship between the MBTA and FRIT as they work together to design and build a new Orange Line T station. The station is a cornerstone of Federal Realty's new mixed-use neighborhood in Somerville, Assembly Row at Assembly Square. Complete with built-to-suit office space, residential units, parks and active urban streets with sidewalk cafes, retail shops, restaurants and entertainment venues, Assembly Row will undoubtedly be the largest new neighborhood in the Commonwealth since the Back Bay.
"The MBTA's board vote is another significant milestone in this project. The vision of Assembly Row at Assembly Square would never be realized without the Orange Line T station. People from all over the Commonwealth are going to come to Assembly Row to work, shop, live and enjoy the parks and open space. A large number of them will rely on public transportation to get there," stated Don Briggs, president of Federal Realty Investment Trust - Boston.
To date, Federal Realty has committed $15 million towards the construction of the new T station at Assembly Row, and more than $100 million towards the future of the project. Approval of the memorandum of agreement allows the MBTA and Federal Realty to move forward with the design process of the T station.
"With any public-private partnership of this magnitude it's important to ensure roles are clearly defined. Approval of this MOA does just that," Briggs went on to say. "The MBTA has been a true partner in this endeavor. This will be the first time a new station has been built on the Orange line since the Southwest Corridor Stations in 1987. We appreciate the amount of time and energy it takes to expand transportation infrastructure and look forward to continuing to work with the MBTA as we move forward."
Assembly Row at Assembly Square is the next Boston neighborhood of the 21st Century. As proposed, this mixed use development will feature two million square feet of office space, 2,100 residential units, a 200-room hotel, 880,000 square feet of retail (including a 65,000 square foot movie complex. In the heart of this neighborhood, active urban commercial streets will be interspersed with sidewalk cafes, parks, retail shops, restaurants, bike lines and entertainment venues. Located at the very center of Greater Boston, this new development will be accessible via Interstate 93 and with the newly planned Assembly Row T station, minutes to downtown Boston. Design your own future at Boston's next great neighborhood, Assembly Row at Assembly Square. For more information, please visit www.assemblyrow.com.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.2 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 93.9% leased to national, regional, and local retailers as of September 30, 2010, with no single tenant accounting for more than approximately 2.7% 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 43 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. For more information, please visit federalrealty.com.