Significant new housing is headed for Everett’s “Commercial Triangle,” including a 450-unit apartment building at 35 Garvey St. on which developers broke ground in late April.
Backed by South Carolina-based developer Greystar Real Estate Partners and Swiss investment firm Partners Group, the six-story development will include 23 affordable units and a range of amenities, from a gym and “wellness spaces” to a dog spa and a golf simulator, according to Greystar. There will also be a pool, lounge, co-working areas, and 6,500 square feet of retail space on the ground floor.
The property is one of two Greystar developments underway in the region, as the city looks to revive the 100-acre industrial block bordered by Revere Beach Parkway to the north, Lower Broadway to the west, the city of Chelsea to the east, and MBTA commuter rail tracks to the south. The Everett City Council approved a rezoning of the area in 2018 in an effort to transform the sea of parking lots and industrial buildings along Route 16 to a high-density residential and commercial area.
“The addition of robust residential at 35 Garvey Street will support the Commercial Triangle District’s emergence as a vibrant, mixed-use neighborhood,” Gary Kerr, managing director of development at Greystar, said in a statement. “This project will bring high-quality housing and hundreds of new residents to what is currently a vacant lot and was formerly a site for industrial and manufacturing uses. We applaud Mayor DeMaria and his administration for leading the charge in maximizing the opportunities for this ideally located and historically overlooked district just outside of Boston.”
The building is part of a $730 million investment Greystar has planned for the neighborhood. In addition to 35 Garvey St., the developer has already begun construction on the first phase of a project at 85 Boston St., which, once completed next year, will add 714 housing units. Greystar also plans to begin construction of another two-phase development at 1690 Revere Beach Parkway, which will include 741 units.
“Sought-after housing is an essential ingredient to create attractive, walkable neighborhoods, and residential developments like 35 Garvey Street will help us reach the City’s redevelopment objectives for the Commercial Triangle,” Mayor Carlo DeMaria of Everett said in a statement.
The 35 Garvey St. development is expected to be completed by mid-2024.