With Assembly Row in Somerville, Mass., Federal created a brand new urban neighborhood outside of Boston.
Federal Realty Investment Trust, developer of notable town center projects like Assembly Row outside of Boston and Santana Row in San Jose, is looking to energize its properties with new retail blood.
Federal opened in 62 new pop-up shops across its portfolio in the first quarter and is amping up the effort at in East Coast properties by offering two months free rent to mom-and-pop shops, online sellers, and start-up businesses.
“The most exciting merchants often start with a pop-up to test a location, gain immediate customer feedback, and validate their concept,” said Mike Kelleher, VP of ancillary income at Federal. “At the same time, as America emerges from the pandemic, we have a valuable commodity that we can contribute towards the rebirth of commerce to support these new businesses.”
London-based financial and asset management company did much the same thing by installing a “curated shopping street” called Kingland next to its Dolphin Shopping Centre in Poole, England. There it gave two years of free rent on standard spaces to local shops that included a coffee roaster, a bar store, and a restored furniture shop.
Founded in 1962, Federal Realty is one of the oldest REITs in the United States. It owns 101 properties encompassing 23 million square feet in major metros in 11 states and Washington, D.C.