Preston - The former Norwich Hospital property should be renamed the Riverwalk at Preston and should be marketed as the centerpiece of a regional Thames River Valley economic development effort, a team of national real estate experts who spent this week in town studying the potential development at the site said.

During a 90-minute presentation Friday morning, a four-member team from the Counsel of Real Estate repeatedly praised the work of the volunteer Preston Redevelopment Agency in overseeing a $15 million environmental cleanup of the 393-acre former mental illness hospital.

With that effort now 85 percent complete, the CRE team spent five days this week reviewing written plans, touring the property, interviewing dozens of local and regional political and economic development leaders and writing an initial "exit briefing." A full report will be submitted to the town in 30 to 45 days.

"You have opportunities here to pick up a regional focus," CRE team leader William Norton of New Hampshire said at the start of the presentation at the Hilton Garden Inn.

Preston's location is in the center of New London County, and also is central between Providence and Hartford, and that geography could be extended out farther on the regional map. Norton also repeatedly called the site's access to utilities a big advantage for future development.

"The water and sewer capacity here is huge, huge," Norton said. "You couldn't afford to replicate that."

But the group said it's unlikely that the site will attract one major development, and recommended concentrating on several smaller developments ranging from housing to tech businesses to educational and recreational facilities.

The team supported the PRA's plan to save the historic former hospital's administration building, the original structure on the sprawling campus.

"It could be a hedge fund headquarters," Norton said, with several of the more than 30 people in the audience chuckling. "Or a future town hall."

Member David McCoy of Hawaii called it a "good idea" when resident Michael Clancy asked if the town should consider placing municipal offices on the property as an early investment.

Team members said town leaders should always keep in mind two concepts when recruiting development: raising the tax base and adding quality jobs to the region. But, they also stressed, nonprofit entities such as a community college and park land should be included as well to raise the quality of life and make the region more attractive to taxpaying entities and employers.

Taxpaying development suggestions included local service retail, office, hotels - "brand and quality level" - and conference centers.

The group also recommended "flex tech" industries, including light assembly or manufacturing and educational facilities. The average age of tech school students is 31, signaling the growing need for technical retraining of employees.

Recreation uses could include the river walk and park space, an indoor water park, a nine-hole or miniature golf course and the group especially liked the idea of creating a marina on the riverfront property.

The group estimated about 200 acres of the campus are developable and focused their attention on the 70-acre so-called main campus on the west side of Route 12. Development could be centered on a hotel, with a continuing care retirement community that could bring in good tax revenue without burdening local schools.

Current plans call for tearing down the Pathway Building, but the team recommending trying to save the structure, offering it to developers at a nominal cost to see what projects might be proposed.

In talks with leaders of the tribes that operate the region's two casinos, the team learned there is a need for a high-end RV park for tourists and casino patrons. Audience members reacted favorably to the suggestion.

The PRA also should consider short- or long-term temporary uses for certain parcels, such as high-intensity hydroponic green houses that could be relocated in the future or even the RV park.

The key recommendation repeated often during the session was to bring regional experts to the effort to market the property. The group said switching the name from Preston Riverwalk to Riverwalk at Preston would emphasize the riverfront asset first. The regional marketing effort should be centered on that same concept, the Thames River Valley, the group said.

Norton said as the Preston Redevelopment Agency shifts from environmental cleanup - 85 percent of the buildings now have been torn down - to marketing, it should bring in regional elements to the volunteer town agency and also change its name to Riverwalk at Preston Redevelopment Agency.

Several leaders from outside Preston attended the presentation, including Ledyard Mayor John Rodolico, Montville Mayor Ronald McDaniel, Norwich Community Development Corp. President Robert Mills, Southeastern Connecticut Council of Governments Executive Director James Butler and Southeastern Connecticut Enterprise Region Executive Director C. Stephen Mackenzie.

Mackenzie said the timing of the Riverwalk property marketing also is good from a regional perspective, as Southeastern Connecticut Enterprise Region starts reaching out to municipalities to write a new Comprehensive Economic Development Strategy plan for the region in 2016.

Following the presentation, First Selectman Robert Congdon welcomed the concept of adding regional expertise to the PRA. He said Preston hopes to work closely with Norwich Public Utilities, for example, on the need to bring utilities to the property. He said task force committees could be established on specific issues with regional experts participating.

"This was very impressive," Mills said. "I think this is going to end up driving the region, the Thames River Valley concept. By joining together in an effort to market the region, we can have successes throughout the region. I think this is the key right here."

c.bessette@theday.com

Twitter: @Bessettetheday