Preston — A national team of real estate development experts recommends that the former Norwich Hospital property be dubbed the “Riverwalk @ Preston" and be positioned at the centerpiece of regional development along what it termed the Thames River Valley Region.

“Given its location, access and utilities present on the site, this property can support hundreds of jobs and a significant tax base when fully developed,” the 49-page report said in the executive summary.

The PRA on Wednesday received the Counselors of Real Estate's final report. The report repeated many of the points the consulting team gave during a draft presentation in March. The group said it is unlikely Preston will get one major developer to take on the entire 393-acre property, and should prepare for several smaller developments, carving the property into a master development plan design.

The group agreed with saving the historic Administration Building and said the PRA should consider offering the Pathway Building for $1 to an investor interested in restoring the building “with a use compatible with job goals and the master plan.”

The consultants repeated their praise of the PRA and the town for taking on the enormous job of cleaning up and marketing the former mental illness hospital abandoned by the state.

“The work accomplished by the PRA in the four years since taking ownership is remarkable,” the report introduction said. “The consulting team was continually amazed by the talent, dedication and results achieved. Now, the Riverwalk @ Preston needs to initiate the next phase of its long-term redevelopment endeavor.”

The PRA should pursue a marina development “right away,” the team wrote. “It will force you to clarify things with the railroad, but it will set the bar at the right level — defining the Riverwalk @ Preston as a significant quality development. Note the marina can be phased — but get those first 30-60 slips in soon.”

The consultants estimated about half the property is developable, much of that on the Thames River side of Route 12. The team suggested a large hilly area labeled as Site 5 east of Route 12 be kept as green space and for recreation.

“Developers could be offered reasonable bonus densities on (other) parcels if they invest in green space and public amenities on Site 5,” the group recommended.

The four-member team spent more than 260 combined hours working on the report while in Preston in March touring the property, town and region, as well as meeting with dozens of local officials. The team also reviewed documents and written plans ahead of their visit and spent "dozens more" hours completing the report.

The final bill to the PRA, $31,060, was lower than the $35,000 fee set at the start of the project.

PRA members did not discuss the report Wednesday, except to pay the bill, but will discuss it at its May 27 meeting. The report will be posted on the town website, http://www.preston-ct.org, within a few days and a copy will be available at the Preston Public Library.

c.bessette@theday.com

Twitter: @Bessettetheday