"This agreement will be the commercial economic engine for thisarea, and for the city at large," Mayor Dorothy A. Kelly Gay saidin her remarks at the memorandum of agreement signing.

Taurus Investments, along with National Development, bought thefailed Assembly Square Mall in 1997 for $15 million. When Mayor Gaytook office two years later she reviewed the company's plans forthe 26-acre tract and did not like its focus on retail stores. "Themayor felt that since this was the last large parcel of undevelopedland, and the only waterfront area, in Somerville new ideas wereneeded for development," Shawn Fitzgerald, press secretary for themayor's office tells GlobeSt.com. "To go from a failed retail planto another retail plan didn't make sense."

The Cecil Group and the city commissioned a planning study andTaurus agreed upon a plan that includes a mixed-use development,eventual high-density office space, the creation of a main streetand construction of a MBTA (mass transit) stop. Taurus also agreedto a substantial community benefits package including the five-yearlinkage package paid up front.