Land swap could pave way for Somerville Ikea

After months of talks, Swedish retailer Ikea and the developer of a mixed-use project at Somerville's Assembly Square have agreed on a conceptual plan that would pull the furniture store away from the Mystic River, opening that area for condos, apartments, and offices.

Officials from both companies said they agree in principal on a land swap that would put Ikea closer to Interstate 93.

''We think that we have a viable plan," said Don Briggs, senior vice president of development for Federal Realty Investment Trust. ''We feel comfortable enough with our negotiations to take the next step."

Somerville Mayor Joseph A. Curtatone said an agreement is imminent.

But Ikea officials seemed more cautious.

''While we are optimistic about this concept, it's far from a done deal," said a spokesman, Joseph Roth.

Roth said Ikea would continue to pursue efforts to build along the river, a plan that has been challenged by lawsuits, while exploring the option presented by Federal Realty.

''We plan to build an Ikea Somerville at one of the two locations," Roth said.

The proposed swap calls for Ikea to give its 16 acres on the river to Federal Realty Investment Trust. Federal, in turn, would give the furniture company 11 acres behind Home Depot, closer to the highway.

Officials from both companies declined to release other details.

Under plans released by the city yesterday, Ikea would build a larger store than originally proposed, but on a smaller footprint. The building would still have underground parking.

Federal Realty said the trade would allow it to build 1,300 more condos and apartments than it had planned, for a total of 2,646. Federal also would build 15,000 square feet of office space. The plan also calls for a 200-room hotel and 230,000 square feet of ground-level retail space, including a supermarket.

The two companies will present their plans to the Board of Aldermen Thursday.

Curtatone said he is excited about the prospect of opening the riverfront for a mixed-use development near where an MBTA stop is planned. Money has already been committed for the transit facility.

''A good plan is about to become a great plan," he said. ''It's huge news for the city. It really is."

Ikea has been locked in an eight-year battle with Mystic View Task Force, a residents' group that has opposed big-box development on the site and advocated for a denser, more transit-friendly plan.

The company had hoped to open its Somerville store in 2004.

Joe Beckmann, a Mystic View founder, said the tentative agreement could result in a great waterfront. But, he said, that depends whether Federal Realty develops it with a vision that incorporates housing and commerce.

''I do think it's much better to put Ikea away from the water," he said, ''but I also think there are going to be tremendous traffic issues."

Last month, a state land judge found in favor of three citizens who, backed by the task force, had challenged the zoning amendment that allowed development to proceed at Assembly Square.