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SOMERVILLE, MA-IKEA Property Inc., the Swedish furniture company, has unveiled yet another proposal for it’s site here in Assembly Square. IKEA purchased the property two years ago for $20 million. The office of city Mayor Dorothy Kelly Gay has rejected previous proposals, citing not enough emphasis on mixed-use planning.

IKEA’s latest $275 million plan calls for developing office and retail space as well as building a furniture store on its site. The size of the store, which has previously met with opposition from local activists who object to “Big Box” stores, would be reduced from previous designs by 22% from 320,000 sf to 250,000 sf. In a released statement, IKEA says that this is smaller than its typical stores.

Over 80% of the store’s parking would be located in an underground garage. An additional 222,000 sf on the site would be used for other development, including 200,000 sf of office space, 12,000 sf of restaurant space and 10,000 sf of additional retail space. According to IKEA, the project would generate nearly six million in annual tax revenue and would create 400 to 500 jobs.

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