Greystar’s third residential project in Everett’s Commercial Triangle will bring 741 units to a site that previously housed a Stop & Shop
Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development and management of high-quality rental housing and commercial properties throughout the world, and in Greater Boston, on December 8 held a ceremonial demolition event to mark the start of development at 1690 Revere Beach Parkway, the company’s newest residential project in Everett. The project is a two-phase, 741-unit residential development in Everett’s fast-growing Commercial Triangle district. Attendees of the demolition event, who included State Representative Joe McGonagle, Everett Mayor Carlo DeMaria, Everett Planning & Development Department Director Matt Lattanzi, Esq. and Everett City Engineer Julius Ofurie, were encouraged to help commence work on the development by picking up a sledgehammer and taking a swing at the existing structure on the site, which was formerly a Stop & Shop grocery store.
Upon completion of Phase I in early 2025, 1690 Revere Beach Parkway will deliver 325 units to the Commercial Triangle district. Phase II, which is set for completion in early 2026, will deliver 416 units. The development – designed by CUBE 3 – will provide 875 parking spaces, over 9,500 square feet of retail space and 22,800 square feet of amenities for residents.
“We are tremendously pleased to close out 2022 by kicking off work on 1690 Revere Beach Parkway, our third development in Everett’s Commercial Triangle,” said Greystar’s Managing Director of US East Development, Gary Kerr. “This development, along with Greystar’s others at 35 Garvey St. and 85 Boston St., represent a significant expansion of the housing options as well as investment in the public realm that will help the district grow into an attractive live/work/play area. We appreciate the support and partnership from Everett’s leadership and staff on 1690 Revere Beach Parkway.”
Amenities of the two seven-story buildings will include five courtyards, a pool exclusive to each building, a dog park and an upper level terrace on the seventh floor. The location is a seven-minute walk from the Chelsea MBTA station, which offers access to the Silver Line and Commuter Rail. Chelsea Station is the only MBTA station that provides direct access to South Station and North Station, as well as to the Seaport and multiple bus lines. The location also offers proximity to the MBTA Orange Line’s Wellington Station, the Encore Boston Harbor resort/casino and the bustling Assembly Row.
Greystar’s three residential developments in the Commercial Triangle represent a more than $730 million investment in the city and will help to usher in a new era for the district, with transit-oriented residential, retail and pedestrian corridors. Located a half mile away, 35 Garvey St. will deliver 450 units, and 85 Boston St. will deliver an additional 714 units across two phases, dubbed Mason (330 units) and The Maxwell (384 units). Combined, these projects will also deliver more than 100 affordable units to Everett.
Greystar is making various community improvements throughout Everett’s Commercial Triangle. These include enhancing the streetscape with a new public outdoor space with multimodal connections, improved pedestrian walking paths and sidewalks, and public dog parks. Additional contributions include a $125,000 donation to the Mayor’s Everett Summer Youth Jobs Program (or similar City of Everett youth program), a Greystar-hosted annual career path education program, an annual Greystar Giving volunteer day in Everett and an annual community block party fundraiser on Vale Street.