Rebirth at River's Edge

[briv]

Re: Rebirth at river's edge

Office parks and acres of parking lots are definitely the most judicious uses of riverfront property.

 

[Lrfox]

Re: Rebirth at river's edge

The last photo,(the aerial with the rendering on it) really puts this in perspective. Look how well the the new project blends with the existing neighborhood. I'm sure local residents are going to love having to walk accross massive parking lots and past bland buildings to get to the river's edge. I can't believe someone thought this proposal was a good idea.

 

[PerfectHandle]

Re: Rebirth at river's edge

I can't believe how garbage this project is.

 

[briv]

Re: Rebirth at river's edge

From today's Globe:

Office building construction kicks off 200-acre Malden River project

Mixed-use design for old industrial site

By John Laidler Globe Correspondent / June 5, 2008

Hailing it as a milestone for the long-awaited redevelopment project along the Malden River, city leaders from Medford, Everett, and Malden gathered last week to celebrate the start of construction of River's Edge.

"This is what we've all worked for, for the last decade," Medford Mayor Michael J. McGlynn said following the event, held on the Medford site where contractors are erecting the first of three office buildings planned for the project's initial phase.

River's Edge is a mixed-use development aimed at revitalizing 200 acres of old industrial land on both sides of the river. The three cities are collaborating to realize the vision through the Mystic Valley Development Commission, and with the project's master developer, New York-based Preotle, Lane and Associates.

"I view construction as another important step in the development of a great project," John Preotle, a partner with Preotle, Lane & Associates, said in an e-mail message. Noting the "quite complex" nature of River's Edge, Preotle, who was on hand for the celebration, said he viewed it as a chance "to thank the many people who have helped the project over the years."

US Representative Edward J. Markey and McGlynn's fellow mayors, Richard C. Howard of Malden and Carlo DeMaria of Everett, also took part.

Originally known as TeleCom City because of the intent - since scrapped - to focus on the telecommunications industry, the project has until now shown few visible signs of momentum. But officials say that is changing.
After years of painstaking work by the commission to acquire and clear the 30 acres in Medford needed for the project's first phase, Preotle, Lane & Associates in January began foundation work for the initial office building. As of last week's ceremony, steel columns were in place for two of the planned four stories of the building.

Plans call for the three office buildings - the second is set to be completed within a year and the third 18 months from then - to provide a total of 410,000 square feet of high-end office space.

The first phase also includes development of a 220-unit luxury apartment building, with 15 percent of the units affordable. Criterion Development Partners of Waltham, which is undertaking that part of the development, recently began construction, according to Preotle. Housing was added to the project at the request of the state.

Preotle, meanwhile, has largely completed work on a new 10-acre park on the site. Featuring riverfront paths, restored wetlands, and more than 8,000 new plants, the park received the Boston Society of Landscape Architects' Honor Design Award. Within it is a boathouse constructed by Tufts University in 2006 for its crew program.

The planned second phase of River's Edge calls for redevelopment of the Everett portion of the site, and the third phase the Malden section. As yet, the commission has not secured ownership of those areas.

? Copyright 2008 Globe Newspaper Company.

 

[whighlander]

Fox,

Have you ever been to the "Rivers' Edge" ?

I first toured the area when it was announced as Telecoom City back about 12 years ago and I was involved with what was then called the Mass Telecom Council.

At that time it was supposed to provide "Blue Collar" employment for up to 15,000 people from the 3 cities -- there was explicitly no housing included, as the people from the surrounding "Blue Collar Cities" of Malden, Medford and Everet were going to walk or take buses to the 6 entities at Telecom City -- where they would learn and then build the Telecomumications equipment for the entire planet.

I severely criticized the concept as being irrational in the context of the way the telecommunications industry was evolving. I suggested at the time that the site could be successful as a mixed use "mini-city" focused on mainly on R&D with some significant component devoted to housing the more-likely "White Collar" office and R&D folks and with a minimal focus on the "nebulous" and "ephemeral Blue Collar jobs" that never were to be.

However, Instead of just cleaning up the site, building an Orange Line T-Stop and some road connections to local highways and then selling the site to a developer who knew how to build such a site -- the local government types insisted on trying to plan the future -- and as a result missed the window for the Telecom Industry.

What was there already? -- well up toward Malden Center there were some existing light industry and warehouses (e.g. Piantadosi Baking company, Comcast cable maintenance depot). When you looked at the part in Medford and the part in Everet all you had was an abandoned WW II warehouse complex and a superfund site sitting astride of a poluted and debris-filled Malden River.

So is it going to be a success given its current incarnation? Time will tell

It's however dramatically better as Rivers Edge -- at least conceptually than it was in the mid ninetiies as Telecom City.

Ironically however, the vast majority of its future employed folks (nearly all of whom will be white collar office or R&D workers) will either drive in from the exurbs, possibly walk from Wellington or Malden Center on the T or else live on the site in the now-included housing component.

What will they do? -- Most likely whatever they do in a suburban office and light R&D site such as New England Executive Park in Burlington -- although there is still hope by the Tri-Cities politicians of some "Blue Collar Jobs" -- however now the hope is for Pharmaceuticals!

Westy

 

[statler]

I drive by this thing all the time and every time I think, "I gotta stop by and take some photos' but I never do.

Boston.com - June 26, 2009

River's Edge opening moves closer

By Travis Andersen
Globe Correspondent

River?s Edge, a 200-acre development along the Malden River nearly 15 years in the making, will have new tenants this summer, marking a vital step in a project spanning three cities.

The project ? originally called TeleCom City, when the idea was to attract Internet companies to the site, a plan that fizzled with the dot-com bust ? is shared by Malden, Medford, and Everett.

??You get a before-and-after feeling,?? said Malden Mayor Richard Howard, who first began working on the project when he took office in 1996. ??It was really kind of an end-of-nowhere location that now is a new front door.??

??We?ve taken it from an area which was 100 percent polluted in a rundown area into what we like to call an environmental miracle,?? said Medford Mayor Michael McGlynn, who started with the project in 1994.

The new River?s Edge includes a four-story, 115,000 square-foot office building and a luxury apartment complex near the Wellington Station T stop built on a former industrial park. The development?s crown jewel is Malden River Park, which spans 10 acres and is open daily to the public from 7 a.m. to 5 p.m. The park has paths for running, skating, and biking, as well as a large all-purpose sports field. Tufts University has a boathouse on the site for its crew program, and area high school teams also use the river for rowing.

None of it came easily. Backed by state and federal funding starting in 1996, TeleCom City lacked just one thing: telecom companies.

The project was renamed River?s Edge in 2004, and Preotle, Lane and Associates ? which signed on as the chief developer in 2000 ? added a housing component in 2005 at the urging of the Romney administration and with the three cities? approval. Preotle sank about $50 million into cleaning the dank Malden River, building energy-efficient facilities, and creating the park, which opened in 2008.

Criterion Development Partners owns the apartment complex, which will have 222 units. Construction began in May 2008, with completion on target for February.

Criterion will make 40 units available for rent in August. Heather Boujoulian, a Criterion development manager, said several tenants already have signed leases, with tours of the facility scheduled throughout the summer.

Rents start at $1,350 a month for studios; $1,650 for one-bedrooms; $2,200 for two-bedrooms; and $2,800 for three-bedroom apartments. Boujoulian said the company receives several calls each day, with ??split interest?? in the one and two-bedroom apartments.

The complex will have 34 affordable units for households earning 120 percent of the area?s median income. Affordable one-bedroom rents start at $1,420, and two-bedrooms start at $1,830.

Boujoulian said Criterion remains optimistic that it can fill the entire complex, despite the down economy. The company recently launched a website for the property, highlighting what it calls its prime location.

??Our location is very unique, since we are waterfront on the Malden River and only a few short minutes from Wellington Station,?? Boujoulian said. ??We anticipate a lot of interest from people who are looking for the convenience of the train and proximity to [Boston], but want to live in a more serene environment.??

One company is scheduled to move into the fourth floor of the office complex in November, said Phil Giunta of Grubb and Ellis, leasing agent for the property. He declined to name the company.

Giunta said Grubb is negotiating with a second company that wants to rent the third floor and part of the second, though no agreement has been signed. Grubb has led between 12 and 14 tours of the facility in the last six months, Giunta said, and has made leasing offers to a few groups. But to date, the firm has just one signed letter of intent.

Rents will start in the mid-to-upper $30,000 range per square foot per year. Like Criterion, Grubb is banking on the location to attract tenants during an economic dry spell.

??We?re very happy with the level of [interest],?? Giunta said. ??And it?s due to the fact that the site offers free parking and direct access to public transportation. It offers a unique feel, especially with the surrounding walkways.??

Giunta credited John Preotle of Preotle, Lane for developing a plan to beautify the area with lush, tree-lined walkways and other features. Preotle referred a Globe inquiry to Giunta.

The cities have agreed to share the revenue from the development, based on the percentages of ??impacted land?? within their borders. Medford stands to gain the most revenue from the office and apartment units, with nearly 89 percent of both complexes lying within its borders.

Medford will receive about $460,000 next year from the apartments and office complex, while Malden will get $51,000, according to the Malden Redevelopment Authority, which serves as the project manager to the Mystic Valley Development Commission on River?s Edge.

Criterion, which bought the apartment complex from Preotle last year, has spent about $30 million on the project.

Future plans include two new office buildings in Medford; office space with a bank and caf? in Malden; and 530,000 square feet of offices in Everett, slated mainly for renewable energy and biotech companies. Mystic Valley Development Commission officials expect to sign a development agreement with Berkeley Investments, the owners of a 40-acre site within the project area. The commission hopes to sign the deal within 90 days, according to Malden officials.

??It?s very exciting to know that the fruits of our labor have paid off,?? said McGlynn. ??Station Landing [another mixed-use development in Medford] has brought in over $5 million for us. We hope to see the same at River?s Edge as it continues to build out.??

Travis Andersen can be reached at travis.m.andersen@gmail.com.

 

[statler]

Boston.com - March 18, 2010

Marriott still lone tenant at River's Edge office building

Alix Roy
The first office building at River's Edge is 28 percent leased more than a year after completion.

By Alix Roy, Town Correspondent
For employees of Marriott International working from the company's new offices at River's Edge, corporate life couldn't get much better.

As the sole occupants of the 115,000-square foot glass office building, completed last year, the Marriott team has exclusive access to the building's brand new fitness center - complete with towel service - and bistro-style cafe with a flat screen tv and views of the Malden River. Parking is abundant and a free shuttle whisks commuters to the nearby Wellington Station T stop.

?On the one hand they're saying 'when are you going to get us some company?' but then they say, 'no, wait, we like it!'? said lead developer John Preotle of Preotle, Lane & Associates.

Of course, Preotle and his team would like to see the remaining three floors of the building leased, and remain confident that the building's green design and modern amenities will help make that happen.

?We think the building, in a lot of ways, speaks for itself,? said Matt Preotle. ?They key is getting people out here.?

And people have been coming, Preotle said. One group, which is considering moving a division to the space, has visited six times. Another company, looking to lease one or two floors, has requested a proposal. In the past few months, as the economy began to climb, tours have picked up.

?The trend was that people were not moving or making decisions unless they absolutely had to,? Preotle said. ?But now they're looking at long-term growth and where they want to be.?

John Preotle said his firm has no interest in selling the office building, although it sold the residential portion of the development to Criterion Development in 2008. The LEED Gold certified building, which occupies a former brownfield site, is something he takes pride in.

?Our plan is to be with this thing for a long time, 10 to 15 years,? he said. ?There are some things where I wish I'd done that differently but there aren't many, that's pretty positive.?

From a leasing standpoint, the residential portion of the development, The Residences at River's Edge, have been a quick success since opening last September. According to John Englert, Principal of Criterion Development Partners, 120 of the building's 222 units are currently occupied, mainly by single young professionals or married couples without children.

?The traffic is really great,? he said, adding that the leasing office led four tours of the building every day last week. ?As soon as spring started we started to see a tremendous amount of volume.?

Monthly rent ranges from $1,500 for a studio apartment with a fireplace to $3,100 for a two-bedroom fourth-floor unit with sweeping views of the river and 16-foot ceilings.

In order to compete with amenities at the nearby Station Landing complex, The Residences offer a fitness center, pool, private theater, and a test kitchen where tenants can host dinner parties or attend cooking classes. There is no Starbucks shop, but free Starbucks coffee is served on the ground floor.

?It's resort-style living,? said Englert. ?That's what we're trying to brand. We've been outperforming our projected pace, which is great given the down economy. I think it's a testament to the quality of the product.?

BTW, that picture flatters the building. It looks even more dull and lifeless in person.

The residential building is not too bad however. Although it is surrounded by parking lots and lawns.

 

[Arborway]

?We think the building, in a lot of ways, speaks for itself,? said Matt Preotle.

Exactly. Which is why I would never want to work there.