Redevelopment Board members expressed cautious enthusiasm after hearing a presentation Monday, March 8, aimed at restarting the long-stalled project at the site of the former Symmes Hospital. A representative of Timber Ridge Homes, based on Long Island, as well as current and former reps from JPI, showed the board plans for 113 townhomes. The proposal is a concept only at this point.

"I need some love on this [plan], to move forward," Jeff Parsigian, a Timber Ridge partner, told the board with a smile. He explained that he did not want to go to the expense of detailed plans yet if the board was "going to throw up on it [the concept]."

Redevelopment Board member Ed Tsoi said, "It looks pretty good."

The 113 units of three-story homes, ranging from 1,900 to 2,200 square feet, are far fewer than proposed under earlier plans. That change would require another permitting process, Redevelopment Chairman Chris Loreti said.

Soon after E.A. Fish of Braintree bought the property from the town in June 2007, the company sold the site and its special permit to build 200 units of housing to JPI of Southborough. After demolishing the hospital buildings in February 2008, JPI lost its $60 million construction loan the following summer and has not made property tax payments, which stood at $123,000 last summer.

No dollar figures for the new plans were discussed March 8, as the sides involved began a 60-day due-diligence period in which the town assesses the companies' ability to carry out what would be the largest project in Arlington history and has been in the works since 2001.

But the board was told that a contract involving the parties bring the plan has been signed and that PNC Bank has agreed.

Involved in the new effort are:

— Thomas N. O'Brien, who as recently as January had been identified as an executive with developer JPI, but who at least since November  has represented the HYM Investment Group, as noted in this story.

— Doug Manz, a former JPI executive.

— James Duncan, a current JPI executive. O'Brien, Manz and Duncan are working with Timber Ridge to provide the history of JPI's role in the Symmes project.

— Parsigian, a partner with Don Eversoll and Doug Hamer, who represent significant longevity and connections to the building industry, including Pulte Homes, the nation's largest homebuilder.

Parsigian explained that Timber Ridge was formed a year ago. A private equity investor, which he did not identify by name, is involved. He said that, apart from Long Island, the company is active in Virginia and has plans to have projects in Boston, Philadelphia and Washington D.C.

"We're very familiar with this area," he said, referring to greater Boston. "We'll use local people" on the Symmes project.

When the board discussed the plan, Parsigian made clear, "We haven't drawn the product yet" in detail.

The three-story, wood-frame units would have a garage on the ground floor, a living area on the second and three bedrooms on the third. No prices were discussed.

The sketch did not include the site of the former medical office building and "would require discussion," Parsigian said.

He said he thought Timber Ridge could build three units per month.

Loreti asked Parsigian if was familiar with the details of the letter sent in December spelling out terms to developers, and he shook his head.

O'Brien asked the board for its general sense of the plan. Member Andrew West said the units "look like they just landed."

Tsoi made a positive comment and Roly Chaput called it "very encouraging ... we've been waiting a long, long time."

Member Bruce Fitzsimmons added that the plans have "lots of potential."

Asked by Fitzsimmons whether Timber Ridge is seeking construction financing, Parsigian said, "No, all is equity financing."

Asked by Loreti about providing financial statements to town officials, Parsigian said the Timber Ridge partners would, but not those providing the equity. He identified two -- Jim Simons of Renaissance Technologies and Leo Guthart of Topspin Partners.

Parsigian said he could not ask those who have such high net worth to disclose their finances.

Town Planner Carol Kowalski noted that Arlington residents like to walk and ride bicycles. She suggested sidewalks be added to the plan.

Michelle Barry, representing theSymmes Neighborhood Advisory Committee, asked that her group be included as plans take a clearer shape.

"When can you put a shovel in the ground?" Chaput asked.

Parsigian answered: "That depends on when you tell me I can draw a certain plan."