Redevelopment of the former Symmes Hospital site into a mid-rise apartment complex will begin in the spring, after developers last week cleared the final steps to begin the much-delayed construction project.
On Monday, Town Manager Brian Sullivan told the that developers have reach final agreements and obtained permits necessary to break ground as early as spring 2012.
Sullivan said developers are still waiting on bank financing for the project but the equity needed for financing has already been presented.
In July, Dedham-based by the Arlington Redevelopment Board to develop the property that was bought by the town for $7 million nearly a decade ago.
But the redevelopment stalled again when Jefferson Apartment Group, which was also in the run against Upton and Partners, bought the property’s mortgage. Upton and JAG were then back to negotiations to form an agreement and develop the land as a joint venture.
Now, the developers will move forward on the project that, as proposed, would include 176 units—12 as condos and 164 as rental properties. The plan would also include 80 to 90 assisted-living units.
“We felt that the Upton proposal was more in line with what the town was looking for originally,” Sullivan said after the meeting.
The redevelopment would also include a public park at the southeast corner of the property, a part of the proposal that especially appealed to Arlington officials.