Mayor to Attend Groundbreaking Ceremony at The Highlands at Overlook Ridge in Malden

Mayor Gary Christenson will be attending a groundbreaking ceremony Tuesday afternoon at The Highlands at Overlook Ridge in Malden.

Groundbreaking Ceremony

The groundbreaking at The Highlands at 10 Overlook Ridge is slated for 4:30 p.m. The Highlands building is the fourth piece of the Overlook Ridge Master Plan Development, according to a Jan. 31 Revere Journal report.

"The project is expected to cost $75 million and comes in partnership with UBS Global Asset Management," reads the Journal report. "A construction loan commitment is led by Bank of America with participation from TD Bank."

An Overview of The Highlands at Overlook Ridge

"The Highlands at Overlook Ridge will include 371 luxury apartment homes spread across four 4-story buildings with parking on grade," reads a Jan. 23 press statement by New Jersey-based developer Mack-Cali Realty Corporation before the project was completed. "The buildings are programmed to have unit types consisting of a mix of studio, one, two, and two bedroom/den units, with average sizes ranging from 502 square feet for alcove studios to 1,391 square feet for larger two bedroom units with dens.

"...Community amenities will include a fitness center with state of the art cardio and weight training equipment, yoga room, club room, media room equipped with Wii gaming system, and an outdoor swimming pool. Unit interiors are being designed to include condo-level finishes, equivalent to those featured at the most recently completed Quarrystone."

Overlook Ridge is a 92-acre community developed by Roseland Development Company, according to the Jan. 23 statement. Prior to completing The Highlands project, "Roseland, in joint ventures, has successfully completed three residential phases totaling 973 units at Overlook Ridge, including Alterra 1A in 2004, Alterra 1B in 2008, and Quarrystone in 2009," reads the statement.

Mayor Talks City Projects

During a live chat with Malden Patch in February, Christenson said, "Malden has become 'hot' with the improving economy and we are looking at having a quarter of a billion dollars poured into Malden by private investors during the next two years."

"We have three investments on the drawing board at $50 (million) each (Super Fitness, the former Granada Lanes, and the ballpark) and then a fourth (Overlook Ridge) valued at $80 (million)...These are proposed developments that will be expanded upon in the near future," added the mayor during the chat.

Lending a Hand

Burlington-based Erland Construction worked on The Highlands project, Donna Prince, a spokesman for the company, told the Middlesex East in an April report.

Merrimack, N.H.-based blast vibration consultants PreSeis, Inc. also worked on The Highlands project, according to the PreSeis website.