Special to the Independent
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 locally in Greater Boston, and Partners Group, a leading global private markets firm, acting on behalf of its clients, last week broke ground on 35 Garvey Street in Everett.
Upon completion in mid-2024, 35 Garvey Street will transform a vacant, former industrial site in Everett’s evolving Commercial Triangle into a mixed-income, transit-oriented development. 35 Garvey Street will support improved mobility throughout the neighborhood and complement the extension of the Silver Line, which also includes dedicated bus and bike lanes along Second Street and expanded sidewalks. The property will include 427 market-rate apartments, 23 affordable housing units, a structured parking garage with 564 spaces, and approximately 6,500 square feet of ground floor retail.
“The addition of robust residential at 35 Garvey Street will support the Commercial Triangle District’s emergence as a vibrant, mixed-use neighborhood,” said Gary Kerr, Managing Director of Development at Greystar. “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.”
“We are delighted to have broken ground on 35 Garvey Street, which marks another investment from Partners Group in the wider Boston area,” said Jessica Wichser, Co-Head Private Real Estate Asset Management at Partners Group. “This development cuts across some of our key growth themes within real estate, including demand for multi-family assets with great amenities in economically vibrant cities. Through the provision of high-quality housing, 35 Garvey Street will help positively transform the local neighborhood and attract further new spending.”
“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,” said Everett Mayor Carlo DeMaria. “Greystar has been an outstanding partner for Everett, and we are appreciative of their investment to foster growth in our wonderful city.”
35 Garvey Street includes the construction of a plaza that will provide a welcoming entrance on Second Street. Amenities of the six-story building will include gym and wellness spaces, gaming and TV lounge areas, co-working spaces, a fire ring seating area, pool and cabana, dog spa, and golf simulator. 35 Garvey Street is less than a mile 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 to multiple bus lines. 35 Garvey Street is also close to the MBTA’s Wellington Orange Line station, the Encore Boston Harbor resort, and the bustling Assembly Row district.
The groundbreaking of 35 Garvey Street was celebrated with a ceremony at BearMoose Brewing Company, located less than a quarter mile from the development. Guests in attendance included: Everett Mayor Carlo DeMaria; State Representative Joseph McGonagle; Everett Ward 1 City Councilor Wayne Matewsky; Everett Ward 2 City Councilor Stephanie Martins; Everett Director of Planning and Development & Assistant City Solicitor Matthew Lattanzi; and representatives from Greystar and Partners Group.
35 Garvey Street, along with Greystar’s other 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. 35 Garvey Street is Greystar’s second development in the city of Everett. It’s located just a half-mile from Greystar’s first development in Everett at 85 Boston Street, which will deliver 714 units across two phases. The first phase, a 330-unit development named The Mason, is currently under construction and is scheduled for completion in 2023. Later this year, Greystar will begin construction on two projects: the second phase of 85 Boston Street, which is comprised of 384 units, and 1690 Revere Beach Parkway, which will be a two-phase, 741-unit development. The first phase of 1690 Revere Beach Parkway will deliver 325 units, while the second will deliver 416. Combined, these projects will deliver more than 100 affordable units to Everett.
Greystar is making various community improvements throughout Everett’s Commercial Triangle. These include:
• The creation of new public outdoor space with multimodal connections, improved pedestrian walking paths and sidewalks, and public dog parks.
• $125,000 contribution to the Mayor’s Everett Summer Youth Job Program or similar City of Everett youth program.
• The establishment of an annual career path education program, hosted by the Greystar team, that focuses on hiring Everett residents for local projects.
• The creation of an annual Greystar Giving volunteer day in Everett.
• The hosting of an annual community block party fundraiser on Vale Street.
35 Garvey Street is a joint venture between Greystar and Partners Group.