The Tufts University boathouse is the first structure that has been built as part of the River’s Edge development, formerly known as TeleCom City, which lies on the borders of Malden, Medford and Everett.

The progress on what was once called TeleCom City might seem stalled to the casual observer, but the developers of the fenced-in, cleared-off construction site that lies on the borders of Malden, Medford and Everett hope to have definitive plans for the site ready in the next few months, and perhaps commence construction by the end of the year.

The development, now called River’s Edge, no longer focuses on the TeleCommunications industry. It has been in the making for about a decade, but circumstances may finally be in favor of the development moving forward. The Mystic Valley Development Commission – the organization that oversees the project – acquired the final piece of land to unite the 200-acre site last November, and most of the permits have been granted. One component of the project, the Tufts University boathouse, has already been built on the site.

The project was first conceived in 1994 in the hopes that the then-thriving TeleCommunications industry would set up shop there and help spark economic activity on land next to the Malden River. But the TeleCommunications sector floundered earlier this decade, before any office buildings were completed. Where there was once open land or industrial sites, there are now residences and retail stores. There is a 137-unit apartment building just across the MBTA tracks from River’s Edge, and National Development has acquired a site near Wellington Circle and is building a major mixed-use project that will include apartments and retail.

But plans for River’s Edge have also changed, and the site’s developer, Preotle, Lane & Assoc., has expressed hopes that the new ideas will prove profitable. The state has pushed for a housing component, and the developer agreed it was a good idea, according to John Preotle of Preotle, Lane & Assoc. The site’s proximity to the Wellington MBTA station means it would be an example of smart growth, a trend the state government has been pushing.

“Our sense, as well, was [that housing] certainly was worth considering,” he said.

The type of housing that will stand on the site has yet to be determined. The most recent set of site plans shows an 8-story apartment building, but the developers are still considering condominiums. The residential development will include an affordable component, Preotle said.

The development will still include office buildings, but how they will be built is still up for debate. The site plan calls for three buildings, but Preotle said he is not sure whether they will be speculative building or build-to-suit.

The office market has strengthened, he noted.

“The question is, is it strong enough for spec building?” he asked.

Advisors to Preotle, Lane & Assoc. say it is, but recommend a sales office and the aggressive marketing of one of the buildings to a single large user.

There is not much build-to-suit activity in the area, according to Dan Cordeau of Spaulding & Slye. But spec building will become more common as landlords become more confident, he said.

Changing the TeleCom City idea was a good one, Cordeau said.

“I don’t think we’re at the point where you’re going to build a big development based on one industry type,” he said.

TeleCom City, as it was originally planned, is no longer really viable, according to Phil Burgess of Burgess Properties in Malden.

The market is eager for single-story, high-end industrial buildings, however.

“That’s what the demand is for,” Burgess said. “Food is the biggest around here right now.”

But Preotle hopes the increasing demand for office space will spell success for the three buildings, which will be built near the riverfront and flanked by several parking garages.

‘Sort of a Mess’
Although the site may not appear to have undergone many changes, a lot of work has been done, Preotle said, and several other challenges have presented themselves.

The road next to the development has been reconstructed and has changed from a tough industrial road to a tree-lined, median-divided street. There are still two “transitional tenants” on the site, according to Preotle, who added that he expects both of them to leave soon. One will move in July, and the other is waiting to finish an addition on a building it owns elsewhere.

The site itself has undergone a massive cleanup.

“You really had sort of a mess,” Preotle said.

The site was home to 14 industrial buildings that were used for manufacturing or storage. The area was considered a brownfield. The U.S. Environmental Protection Agency gave the Mystic Valley Development Commission hundreds of thousands of dollars earlier this decade.

Before building the Tufts boathouse, the developer removed 145 tons of tires, some of which were underground, from the site. They also removed 170 tons of rubber that had been used to make shoes. The site has seen many changes over the past year, Preotle said.

“There has been a lot of site cleanup,” he said.

Near the new boathouse will be a 7.7-acre riverfront park. The boathouse was built differently from most. Instead of coming right up against the river and cutting off riverfront access, it is set farther back, and a public path runs from there to the river. There is still some landscaping work going on around the boathouse.

“[The park] sort of adds a level of interest,” Preotle said.

Over the last couple of years, the development company has gotten the proper permits to include residences, but is still working on some permits for changes to the park.

There has also been a legal challenge from an abutter regarding approval from the Massachusetts Environmental Policy Act, Preotle said.

Preotle said he will be more eager to talk about specifics once most of those issues are solved. Because of state funding involved with the project, he said, it has been over-promoted in the past.

“As a result, we’re taking the position that, until we’re ready to do something, we probably shouldn’t talk about it,” he said.

Preotle said he recognized from the beginning that plans for the development could change. The project was always slated to be planned and built over 10 years, and Preotle told Banker & Tradesman in 2000 that elements of the development could change as the market demand evolved.