~ EDITORIAL ~ A Vision for Everett’s Future: Supporting The Sofia and a More Vibrant Commercial Triangle

By Mayor Carlo DeMaria

I’ve always believed in our city’s potential to lead; not just in growth, but in how we grow. That’s why The Sofia, a transformative development in the Commercial Triangle District, perfectly aligns with our vision for a more vibrant, inclusive, and sustainable Everett.

The Sofia is a 21-story, 620-unit residential tower planned for Second Street. This development replaces an industrial warehouse with more affordable housing, including 33 Veterans Affairs Supportive Housing (VASH) units restricted at 30% AMI, four units at 60% AMI, and five units at 80% AMI. Additionally, the project team has committed to contributing $2,000,000 toward the City’s Affordable Housing Trust Fund, which will be directed to either create additional affordable housing units or to deepen the affordability of existing units.

But projects like this don’t happen easily, especially not in the current economic climate. Across the country, we’ve seen just how difficult it is to get transformational developments like The Sofia financed. Skyrocketing interest rates, high material costs, and increasing labor expenses have stalled or stopped countless projects in other communities. That’s why The Sofia is such an achievement. It’s a sign of confidence in Everett’s future, and in our ability to attract investment even in challenging times.

I’m especially proud that The Sofia will be entirely union-built, creating 1,342 construction jobs. Once built, the development will also create 52 full-time jobs. On top of creating jobs, the project team has committed to working collaboratively with the Everett Public Schools to host job fairs and work on a training pipeline, ensuring that work in Everett is performed by residents of Everett. This means quality construction, livable wages, and jobs for skilled workers in our region. It also means we’re continuing to uphold the values that matter most: opportunity, dignity, and shared prosperity.

The project is also a true example of thoughtful, smart, and sustainable urban development. It will replace an old industrial building with a beautiful Leadership in Energy and Environmental Design (LEED)-certified tower that incorporates flood resilience, a 100% EV-ready garage, and meaningful environmental remediation. It will bring new life and economic activity to the district while respecting the needs of both current and future residents.

As Ward 1 City Councilor Wayne Matewsky, who has lived in and represented this area for a long time, put it during the May 19 Special Meeting of the City Council, “junk yards, wood waste, odors, contamination, junk car lots — we have an opportunity to dress the area up quite a bit.” He’s absolutely right. This is our moment to continue moving beyond the legacy of industrial blight and toward a cleaner, healthier, and more livable neighborhood for our residents.

When completed, The Sofia will generate significantly more tax revenue than the current site. This is revenue that helps us keep delivering the services our residents rely on. Everett has the lowest residential tax rate in the area. We also have one of the lowest water and sewer rates and, unlike many other cities, we don’t charge extra fees for trash, recycling, or yard waste collection. That’s a point of pride for me as Mayor. But to continue offering these high-quality, cost-effective services, we need smart new growth.

To help make The Sofia a reality, we worked closely with the developers and retained our own real estate financial advisors to establish a fair and responsible Tax Increment Financing (TIF) agreement. For a bit of context, TIFs have been utilized by over 200 cities and towns in Massachusetts to spur economic development, and are currently offered by more than 25% of municipalities across the state. Together with the development team, we crafted a solution that is fiscally responsible and aligned with our residents’ long-term interests.

I am also appreciative of my colleagues in the City Council for their diligence and for working with us to ensure this development brings meaningful change to this area and provides positive benefits to our community. To help lessen concerns about this project regarding revenue generated by the project with a TIF in place, the City will receive $8,424,770 over the course of 14 years, throughout the duration of the TIF. In comparison, the City would receive $8,092,870 for a by-right, wood frame structure without a TIF, which is a lesser amount of tax revenue. Upon expiration of the TIF in 2041, the annual tax payment for The Sofia would jump to $3,012,990, compared to $913,040 for a by-right project. That’s the difference of over $2 million a year going forward and will go a long way in helping secure the future of the city.

The Sofia is exactly the kind of project we need — bold, thoughtful, and built for the future. It will reshape the Commercial Triangle and serve as a blueprint for what’s possible when we prioritize sustainability, affordability, and opportunity. I remain hopeful that the City Council sees the extraordinary benefits that accompany this project and will enable its construction through passage of a TIF. I look forward to seeing this project rise, and with it, the next chapter of Everett’s continued progress.

Sincerely,

Carlo DeMaria

Mayor, City of Everett