The company's plan calls for a 579-unit luxury complex with a 20,000-sf retail component. According to Denise Gaffey, acting director at the office of planning and development here, the project needs a special permit to receive approval as the site is under three different zoning restrictions. The bulk of the property, notes Gaffey, is in a commercial zone that would allow for a mixed-use project with a special permit, which Fidelity is applying for.

Other special permits include a request to the town to cut back on the parking-space requirements. The city requires 800 parking spaces for a development of this size. But if Fidelity were allowed to cut back to 600 spaces it would not have to use any above ground space for parking. The company is basing its request on the fact that the complex is within walking distance of an MBTA station making it a transit-oriented complex. The three acres of the site that is in Malden is zoned for its proximity to the MBTA station and has less onerous parking requirements because of that designation.

Gaffey tells GlobeSt.com that Fidelity has formally applied to the city's planning board and is currently involved in a series of public hearings. The local response has been mixed, says Gaffey. "There been some favorable responses but there are concerns," she points out, "because this is a very big project for this city." Traffic concerns and density of the project are the sticking points for some local residents.