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, yesterday held a ceremonial demolition event to mark the start of development at 1690 Revere Beach Parkway, the company’s newest residential project in Everett. 1690 Revere Beach Parkway is a two-phase, 741-unit residential development in Everett’s fast-growing Commercial Triangle district.
Attendees of the demolition event, which included State Representative Joe McGonagle; Everett Mayor Carlo DeMaria; Everett Director of Planning & Development Matt Lattanzi; 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, 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, 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 welcomed 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 Gary Kerr, Greystar’s Managing Director of US East Development. “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 7th floor. 1690 Revere Beach Parkway 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. 1690 Revere Beach Parkway also offers proximity to the MBTA’s Wellington Orange Line station, the Encore Boston Harbor resort, and the bustling Assembly Square District.
1690 Revere Beach Parkway, 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. 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), respectively. 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 $125,000 donation to the Mayor’s Everett Summer Youth Job 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.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $230 billion of real estate in 215 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region.
Greystar is the largest operator of apartments in the United States, manages more than 754,000 units/beds, and has a robust institutional investment management platform with approximately $49.9 billion of assets under management, including $22.6 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.