“It depends on what outlets they have,” said Lopes, who visited Christmas Tree Shops one recent Sunday. “I don’t always think [outlet] prices are all that great.”
A four-story building anchored by an AMC movie theater will house many of the restaurants and shops. The city’s licensing commission last week approved liquor to be sold at the movie theater, Papagayo, and Burger Dive.
Restaurants and retailers will also be located on the first floor of two apartment complexes and an office building. “We are in the final stages of lease for a good number of our spaces,” said Simpson during an interview at the site. “Just over 60 percent are leased or under commitment.”
Two apartment buildings — Avalon at Assembly Square with 195 units, and AVA Somerville with 243 units — are under construction. Rents will range from $1,900 for a studio at AVA to $3,500 and up for a three-bedroom at Avalon, said Scott Dale, a senior vice president for development at AvalonBay Communities.
“We are marketing to people who want a unique lifestyle, with access to the city, at a price point that is below what they would pay in Boston,” Dale said.
Apartments will open in phases, about 50 to 75 units at a time, and the first units could be ready by November, Dale said.
A four-story building due to be completed by the end of 2014 will include 100,000 square feet of office space. The space will be marketed to technology firms and other emerging industries that can’t afford pricey rents in Kendall Square in Cambridge or the innovation district on the Boston waterfront.
“Kendall Square has a critical mass of biotech and research companies,” said Briggs. “We will offer a better price point. It will be lower than Kendall Square.”
Kendall Square office rents now range from about $48 per square foot to $65 per square foot, depending on the size and location, according to the Boston office of Cushman & Wakefield, a national commercial real estate services firm.
“It is my understanding that Assembly Row is quoting prices in the high $30s to low $40s,” said Kevin Winters, executive director of the firm’s Boston office. “I think they’re going to do well, because the price is a significant discount compared with Kendall Square.”