Berkeley Investments is close to signing its first tenant for RiverGreen Technology Park, and recently finalized approvals to build the 500,000-square-foot complex in Everett.
The company has received the state’s go-ahead for construction on the 40-acre site off Rte. 16 on Air Force Road, and expects to strike a deal with a prospective tenant within 30 to 60 days. The developer said it expects future interest in the site to come from medical device manufacturers and sustainable energy companies that develop solar and wind turbine technology.
Financing is still in the works and Berkeley is talking with multiple banks, though company representatives were unable to provide details on what types of loans are being sought. Mark Barer, senior project manager, said interested tenants will be able to lease space in buildings, have parcels built to suit their needs, or buy individual, one-acre sites for $795,000 and perform construction themselves.
Berkeley’s current site plan is composed of five parcels with buildings ranging in size from approximately 35,000 square feet to 100,000 square feet. The price tag for the project, as planned, is between $60 million and $70 million, Barer told Banker & Tradesman.
The entryway to the site will receive a facelift from the state. Lt. Gov. Timothy Murray announced a $2 million MassWorks infrastructure grant for Air Force Road upgrades late last month. The funds will be used to rebuild the neglected roadway, including sidewalk installations, new lighting and pedestrian crosswalks, and extending the road in order to provide access to a seven-acre park abutting Berkeley’s property.
Located along the banks of the Malden River, Berkeley said it plans to put approximately 150,000 square feet of solar panels on rooftops to produce between one and two megawatts of power. On-site basins will collect excess storm run-off and recharge the area’s groundwater. RiverGreen will also be equipped with geo-thermal heat pumps that rely on the Earth’s natural static temperatures to heat and cool mechanical systems.
