EAST PROVIDENCE — After addressing traffic, financial and affordable-housing concerns, the GeoNova Development Corp. was given final approval by the city’s Waterfront Development District Commission last night.

The local commission, sub-boards of that commission, the Planning Board, City Council and several local officials have been meeting with the New York-based company for the last five years to hone the project, called East Pointe. Charged with overseeing the revitalization of the city’s neglected waterfront, the commission has had the most input on the plans and design of the 29-acre property.

GeoNova’s property — the former Ocean State Steel site — is south of Bourne Avenue, near the Phillipsdale Landing. The company spent the last few years cleaning contaminated soil, the result of decades of heavy industrial use by Ocean State Steel and its predecessor, Washburn Wire.

The $200-million project proposes to turn the former brownfield into the site of 495 townhouses, lofts and condominiums, as well as offices, shops and restaurants. A 150-slip marina may later be included in the plans.

The commission members said very little before giving unanimous approval, but Planning Director Jeanne Boyle emphasized the fiscal boost GeoNova’s project would give the city — an estimated $3.1-million a year in property taxes after all is constructed, which is estimated to be in 2012.

But not everyone was happy with last night’s public hearing.

“Right now I look at a nice wooded area,” said Tony Ormond, of Omega Way, which is on one side of Omega Pond. GeoNova’s land is on the other side. “Eventually, I’ll be looking at a four-story building.”

GeoNova representatives and hired engineers said, however, that little will be changed on its side of the pond because the area will be a park for the public. It also said the state Department of Environmental Management has already said GeoNova could not demolish any of the trees lining the pond.

Another major concern was traffic, but the company is working with Phillipsdale Landing redevelopers to have turning lanes on Bourne and Roger Williams avenues. GeoNova has already agreed it would give up some of its land to create the left-only turning lane on Roger Williams Avenue.

Other concerns mentioned last night were whether any city money would be used for the project or if the city’s bond rating would be affected by East Pointe’s arrival. City officials said neither is the case at this time. GeoNova representatives also affirmed 10 percent of the units would be designated for affordable housing. The company had wanted only 5 percent to be set aside, but has since complied with the city’s regulations.

“What happens if those condos don’t sell?” another resident asked.

GeoNova vice president Mary Voce answered, “It is a phased development, so if nothing’s selling or renting, we will not continue to [the next phase] or slow construction down until the real estate market [goes back up].”

Although the state Coastal Resources Management Council and DEM have to sign off on the project, the first of four phases could begin as early as summer on the 9 acres closest to Roger Williams Avenue and Omega Pond. GeoNova calls the area the “uplands” portion of the project.

Six buildings — four two-family townhouses and two buildings containing condominiums — would be built there, along with parking and a public park.

The second phase would build some of the commercial buildings proposed in the so-called waterfront portion of the site, which is the area along the Seekonk River. At the same time as phases one and two, infrastructure such as sewers and utilities would be constructed. The company also plans to raise the waterfront’s elevation 6 to 7 feet and make improvements to the shoreline because a portion is in a designated flood zone.

Phases three and four would build the remaining commercial buildings, residential properties along the waterfront, parking, a waterfront walkway and other public-gathering spots.

Engineers have said the entire project should take five to seven years to complete.

apina@projo.com