Photo by Steve Adams | Banker & Tradesman staff

The developer of Somerville’s Assembly Row is seeking to replace the former Kmart store with 96,000 square feet of office and retail space.

Federal Realty Investment Trust negotiated a lease termination with Kmart last fall and announced plans to redevelop the southern end of the Assembly Marketplace power center on Middlesex Avenue.

The Maryland-based retail REIT is seeking approval from the Somerville planning board for a change in use to accommodate office space and/or a mixed-use office and retail development at the discount store property.

In application materials, developers offered two potential options for the future of the property: a total conversion to office space, and a conversion of 59,000 square feet to office space, with the remainder of the building occupied by retail and restaurant tenants. Federal Realty does not yet have tenants lined up, according to a memorandum by Watertown-based engineering firm VHB.

Federal Realty bought the shopping center in 2005 from IKEA after the furniture retailer abandoned plans for a superstore at Assembly Square.

The Somerville planning board will begin its review at a virtual meeting at 6 p.m.