V10 Development Proposes Residential Tower in Commercial Triangle

After breaking ground on The 600 at the crest of Broadway, now V10 Developers are teaming up with the Varano family to propose a 21-story residential tower with 366 units and the highest roof-top restaurant in Greater Boston – to be known as SKY Everett.

It would be the second largest building in Everett, but behind Encore Boston Harbor by more than 100 feet.

V10, operated by Ricky Beliveau and John Tocco, filed the project last week and will begin the review process with the City. Unlike The 600, they will be focusing on one of the hottest development area in the city on the Commercial Triangle south of the Parkway – with their development at the apex of Spring and Second Streets being one of many large residential projects proposed there at the moment.

The residential building would be the tallest building in that area of Everett, which has historically been habituated by industrial uses and scrap yards. However, it is by no means the largest in terms of units and square footage. The project would bring 366 units to the market (103 Studios, 159 one-bedrooms, and 104 two-bedrooms) and 12,000 sq. ft. of amenity space. There would be ample open space at 28 percent, and 340 parking spaces on site. Additionally, they would include 9,000 sq. ft. of commercial space, and that would include a new rooftop restaurant operated by the Varano Family, who now operate the acclaimed Strega Restaurants.

“At a time when restaurants are closing and the industry is contracting, we couldn’t be happier to team with the Varano family and legendary team to bring this amazing concept to life,” said John Tocco, partner at V10 Development, the developer of Sky Everett. “The rooftop bar and restaurant reinforces our belief that you don’t have to be downtown to experience all the best that Boston offers. The sensational view, easy access and first-class amenities offered at Sky Everett is urban living at its best, without the city hassles. The breathtaking views combined with unmatched hospitality will create an atmosphere unlike any other in Boston. You can even get the best dining and hospitality experience of the North End here, without worrying about parking in the North End.”  

Mayor Carlo DeMaria said it was a beautiful project, but was particularly happy that the developers were willing to cede a right-of-way on Spring Street to accommodate the future, expected expansion of the Silver Line.

“I commend V10 for working with the City to help advance our transportation priorities as well as creating fantastic public spaces,” said Everett Mayor Carlo DeMaria. “Silver Line expansion into Everett has been a priority of my administration for years. We have invested significant time and energy along with the Massachusetts Department of Transportation and the MBTA to make this a reality. This project supports our transportation goals and, just as important, cleans another significantly contaminated site in our city and returns it to the public for lasting enjoyment and revitalization. At the end of the day, it’s a beautiful project.” 

Ward 1 Councilor Fred Capone, who represents that area of the city, said he had received word of the project and some information, but hadn’t completely finished analyzing it. He said he would wait to finish that review before he comments in detail on the project.

Other initial comments were mixed, with some rather uncertain about a building with that kind of height – as most of the rest have had many more units, but have been spread out at lower heights over several blocks. The height of the building will certainly be one of the largest hurdles to clear for V10 in the coming review.

Tocco said they are well-aware of that, but that they like the idea of mixing up the building stock. He also said because of the height, their building will be much more accessible to the public with the restaurant and more open space. While other lower buildings create a “wall” when they design circular buildings around private open space, he said their project would not create such a wall and be more free-flowing for the public to utilize at ground level – and even at the roof with the restaurant proposal.

Tocco and Beliveau said a highlight of the project is, in fact, the restaurant, which would be the highest-operating restaurant in Greater Boston now that the Top of the Hub has closed atop the Prudential Center.

Nick and Nico Varano, as well as the rest of the Varano Group, will operate the SKY Bar and Restaurant atop SKY Everett. They are excited to join the operation and said this concept will be unlike any other bar or restaurant in Greater Boston. The destination establishment will offer guests a 6,000 square-foot restaurant and lounge that is 240-feet in the air featuring a spectacular 1,500 square-foot sky deck and retractable roof for four-season indoor and outdoor dining. The Sky bar and restaurant will be the highest available dining option in New England, Tocco reiterated.

The project would be on the west side of the street, across from the current scrap yard and abutting a vacant lot on one side, and the Market Forge proposed residential community on the other side.

Because there is an Activity Use Limitation (AUL) on the site, V10 will have to undergo a significant environmental remediation effort before construction. They said due to that, they would be utilizing the City’s regulation exemption to allow a lower 5 percent affordable housing unit count.

The project would require two variances – one for height and the other for density (FAR). V10 Development was established in 2020 as a partnership between John Tocco, former head of Government and Community Relations for Encore Boston Harbor, and Ricky Beliveau, Principal of Volnay Capital. V10 currently has one transit-oriented project under development in Everett, known as The 600.