Image courtesy of YIHE Forbes.

A long-stalled development in Chelsea could finally be moving ahead.

Last week, the Chelsea Zoning Board of Appeals approved a 590-unit, multi-building development at a site along the tidal creek that forms the border between Chelsea and East Boston, the Chelsea Record reported. The project is the third major development proposed for the former factory site in the last 15 years; the first failed during the Great Recession and the second was unable to gain approval from city officials.

The project will contain 59 affordable housing units, over 900 parking spaces and will be 60 percent condominium and 40 percent apartment units. The building will have roughly 20,000 square feet of retail and office space around a plaza at the project’s entrance and will be built over several phases.