Hey look! Another major Boston-area transformation moves forward!

Sounds sort of like the revitalization of Barry's Corner and Brighton Mills that Harvard promised to the residents of Allston and Brighton. I wonder if President Faust's Work Team will propose something of similar magnitude when they unveil their plans in the next few weeks.

Future finally brightens for Assembly Square - Boston.com
the developer of the $1.5 billion revitalization of Assembly Square in Somerville will begin construction this fall on hundreds of homes, stores, and an expanded park along the Mystic River.

This fall’s work will also include construction of the Assembly Square Orange Line station and the revitalization of a large section of the Mystic River Reservation

AvalonBay Communities Inc. will begin construction this fall on the first two residential buildings on the site. The buildings, which will contain retail stores on the ground floor, will be built along the Mystic River and include 450 apartments.

Federal Realty itself will begin construction in the fall or early 2012 on a separate 280,000-square-foot retail building that will include a theater, restaurants, a few large retailers and smaller shops

The full build-out of the site is expected to take 10 to 15 years. Later phases will include another 1,650 residential units, additional parks, a 200-room hotel, and office buildings that Federal Realty hopes to lease to technology or medical tenants. The firm estimates the work will create 21,000 construction jobs and 19,000 permanent jobs.

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