Mr.
Walsh has been in the real estate business for more than thirty years
and joined Federal Realty in 2005. A native of upstate New York, he
holds a bachelor's degree from the University of Toronto and an MBA
from the University of Michigan.

World-wide furniture store
IKEA's opening will kick off redevelopment efforts at Assembly Square.
Mixed retail and office space development is slated for 2012 and the
Assembly Square T stop is set to be functional the following year.
Walsh says Assembly Square will feature 5 million square feet of mixed
use property.

With retail, office, and residential space
Assembly Square will embody the trendy concept of redevelopment around
urban centers, explains Walsh. "People don't have to park and get out
of their cars." Moreover, the new T stop will help "people realize just
how close to Boston Somerville is." The residential space will consist
largely of one and two bedroom units and is expected to appeal to
empty-nesters and young urban workers.

Walsh says that
Assembly Square will reflect the character of Somerville; "there will
be a real feel of community." However, there are concerns about traffic
that are at the forefront in the minds of many Somervillians. Walsh
explains that developers are conducting traffic studies, planning
intersection improvements and "pushing use of the T."

Asked
how the current downturn in both the larger economy and the residential
and commercial real estate markets will affect investment and the
timing of development, Walsh expects that "the market will be back by
2011."

Although the location of Massachusett's second IKEA
store in Somerville has caused controversy, there is no negating the
potential for positive economic impacts on the community, which Bob
Walsh eagerly touts. Somerville residents will have the first
opportunity to apply for the 500 jobs IKEA is expected to directly
create, notwithstanding the employment other retailers will bring to
Assembly Square down the line. A twelve screen movie theater is among
the new venues.