Office Park for River’s Edge?

September 19, 2009
By

Berkeley Investments, which owns a 40-acre parcel on the long vacant River’s Edge property, is apparently hoping to build a $65 million office park on the sprawling parcel.

If the news proves to be true, it will be the biggest single commercial investment in the city’s history, contributing enormous funds to the city hall treasury in building permits and taxes.

Berkeley Investments has filed preliminary development plans with environmental regulators.

“Our firm is trying to push the permitting process along and expects to eventually sign a development with the Mystic Valley Development Commission,” said Mark Barer, senior project manager at Berkeley.

During a meeting at Everett City Hall earlier this week, news of the proposal and some of its pre-conditions created a number of officials to appear, including Representative Stephen “Stat” Smith and Alderman Sal Sachetta.

The city’s interest in the project includes right of way access issues with a major roadway running through the property, and which Berkeley Investments needs before a project can be developed on the property.

The aldermen sent the request for discussion of these issues to committee.

According to Barer, no tenants have signed up but he said he expects many possible clients to consider locating there when more than 500,000 square feet of commercial office space has been constructed.

The marketplace will determine the final configuration of the project, said Barer.

“It could be one building. It could be five buildings,” he said.

“We’re as flexible as the market is.”