SKY Everett | 114 Spring Street | Everett

HarvardP

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I'm with you: Boston needs Everett to be a success story (along with several other communities nearby). And we need visionaries to take crazy chances like this.

Real-estate-analyst types who don't think it's an issue if someone earning $100k can't live anywhere near the city center / employment centers are not rooting for Boston. They are just caught up in their job of caring whether certain numbers look "very attractive." That's their prerogative.

It's not yours/my concern whether this particular developer's numbers look "very attractive." If this developer needs to sell/rent at below Somerville rates to occupy this building, but the result is a systemic improvement of the greater-Boston-housing-employment-quality-of-life ecosystem, then it is a win for the majority of us. I'd be careful citing personal examples to folks with a different worldview than this, they'll come back with some argument about how your situation isn't "very attractive" in their realm. Don't listen to them. Your situation is great and I wish you much happiness in your new home.
You'd have to be WALL-E to feel giddy about calling this little industrial corner home.

Additionally, Boston does not need blue collar Everett to succeed anymore than it needs white collar Brookline to succeed. These towns need Boston...
 

bigpicture7

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You'd have to be WALL-E to feel giddy about calling this little industrial corner home.

Additionally, Boston does not need blue collar Everett to succeed anymore than it needs white collar Brookline to succeed. These towns need Boston...
They need each other. Yes, it certainly all centers on Boston. And, no, I am not saying we need the Everett of the past to succeed. Boston needs every creative proposal for more housing around the city that it can get. We need to look at housing as a system throughout the metro.
 

jklo

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Got to start somewhere. You might have to wait for the next cycle but this is exactly the kind of place where redev should be happening.

Needs more Orange Line.
 

Massachoicetts

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Everett, chelsea, this industrial area , could be an eventual host to 40+ 300ft residential buildings down the road
 

dshoost88

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Not without a massive upgrade in transit access!
  • New Chelsea Commuter Rail Station is due to open this year.
  • SLX Alternatives Analysis is underway; the final product will drastically improve transit access regionally to/from Everett.
  • City of Everett has implemented numerous dedicated bus lanes on key bus routes in recent years--including the first dedicated bus lane roundabout at Sweetster Circle--and has an eye on further embracing BRT-style service improvements throughout.
 

Equilibria

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  • New Chelsea Commuter Rail Station is due to open this year.
  • SLX Alternatives Analysis is underway; the final product will drastically improve transit access regionally to/from Everett.
  • City of Everett has implemented numerous dedicated bus lanes on key bus routes in recent years--including the first dedicated bus lane roundabout at Sweetster Circle--and has an eye on further embracing BRT-style service improvements throughout.
The drastic improvement might not be from SLX... the CR station is in the first phase of Urban Rail on the "EJ Line". MassDOT's current projects (not crazy or even "reasonable" aB pitches) have this neighborhood a non-stop ride to North Station at 15-minute headways in the next decade. However, as some have pointed out, this site is a mile from the CR station. I'd feel better about the odds on this if it was on the Vale corridor dead-ending into the station.
 

scorpio02150

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Everett, chelsea, this industrial area , could be an eventual host to 40+ 300ft residential buildings down the road
Chelsea council meeting this week discussed developing the remaining industrial area (along the train tracks, behind the current Vero-Chelsea Project) and it was mention that the max height would be approx. 100ft (6/7 Floors) with limited (overall) parking.
 

AndrewOnTheMBTA

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Holy crap, just a 2 month approval process for Everett vs like 3 years for Boston? That's insane.
Yes I think this is insane but it's also why development needs to garner more support and be galvanized in sprawling areas like Revere, Everett, Cambridge, Somerville (too nimby?). This right here is all the evidence you need that we need to start investing and building nice projects in these places. Chelsea alone has a lot of potential, right next to Boston
 

JeffDowntown

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Yes I think this is insane but it's also why development needs to garner more support and be galvanized in sprawling areas like Revere, Everett, Cambridge, Somerville (too nimby?). This right here is all the evidence you need that we need to start investing and building nice projects in these places. Chelsea alone has a lot of potential, right next to Boston
Challenge I see is that some of these areas are difficult to access by transit (Everett for example). So Sky is going to be a car-centric development. None of the locations mentioned need more car traffic.
 

stoweker

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Just because it's approved doesn't mean it's going to happen. This deal is 2 cycles away... also middle-high end housing is going to get creamed, we are at the tail end of the multi cycle right now once millenials move out to the burbs. Go to the casino down the street and put your chips on single family developments
 

617

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Just because it's approved doesn't mean it's going to happen. This deal is 2 cycles away... also middle-high end housing is going to get creamed, we are at the tail end of the multi cycle right now once millenials move out to the burbs. Go to the casino down the street and put your chips on single family developments
This...SFH market is completely insane right now. Hard to believe it’s being driven only by millennials/and can keep going. That being said, Everett seems to be enjoying a nice little renaissance. Who’s to say it can’t keep going ?
 

stoweker

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This...SFH market is completely insane right now. Hard to believe it’s being driven only by millennials/and can keep going. That being said, Everett seems to be enjoying a nice little renaissance. Who’s to say it can’t keep going ?
it's not everret that's the issue (although it will be interesting to see how all of the new supply in everret and revere that's U/C or in pipeline gets absorbed), it's building this property at a cost basis that makes sense. the location of the property within the submarket is super challenging, high rise construction is really expensive, and I don't think you can get the rents for a 22 story tower to make it a financially sound investment. The other product going up is podium / wrap product - much cheaper rents - this thing is going to need to get like $4,000 / month 1br rents to justify the construction and i don't see that happening in this location.
 

JumboBuc

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it's not everret that's the issue (although it will be interesting to see how all of the new supply in everret and revere that's U/C or in pipeline gets absorbed), it's building this property at a cost basis that makes sense. the location of the property within the submarket is super challenging, high rise construction is really expensive, and I don't think you can get the rents for a 22 story tower to make it a financially sound investment. The other product going up is podium / wrap product - much cheaper rents - this thing is going to need to get like $4,000 / month 1br rents to justify the construction and i don't see that happening in this location.
Plenty of new buildings of this scale in the Fenway and Seaport are currently asking well below $4k / month for 1 bedrooms, and they're throwing in 1.5 - 2 months rent free (see, e.g., here, where the cheapest listed 1br is $2,915 and the most expensive is $3,515, plus up to 1.5 months free). Tower 1brs in the new Assembly buildings ask $3k, with nearly two months free on top. So no way this project in Everett (which surely has cheaper land and lower development costs) will need $4k to justify construction.

But ahh, isn't it refreshing to see economics be the deciding factor as to what gets built and what doesn't, rather than regulation?
 
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stoweker

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Plenty of new buildings of this scale in the Fenway and Seaport are currently asking well below $4k / month for 1 bedrooms, and they're throwing in 1.5 - 2 months rent free (see, e.g., here, where the cheapest listed 1br is $2,915 and the most expensive is $3,515, plus up to 1.5 months free). Tower 1brs in the new Assembly buildings ask $3k, with nearly two months free on top. So no way this project in Everett (which surely has cheaper land and lower development costs) will need $4k to justify construction.

But ahh, isn't it refreshing to see economics be the deciding factor as to what gets built and what doesn't, rather than regulation?
1.5 - 2 months free is crushing people. my company's urban multi family investments are getting creamed right now because of the roll down on chunk rents and addition of concessions - it's a brutal knife fight. occupancy has come back, but rates are still way way off. also land cost is cheap but it still costs a fortune to build highrise. you could build it in the middle of nowhere south dakota and you'd still need super high chunk rents to justify it.

but yea, economics should be the determining factor not regulation.
 

sm89

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1.5 - 2 months free is crushing people. my company's urban multi family investments are getting creamed right now because of the roll down on chunk rents and addition of concessions - it's a brutal knife fight. occupancy has come back, but rates are still way way off. also land cost is cheap but it still costs a fortune to build highrise. you could build it in the middle of nowhere south dakota and you'd still need super high chunk rents to justify it.

but yea, economics should be the determining factor not regulation.
With home prices for purchase so insanely high right now and interest rates very low, I would maybe suggest your company sell or turn-condo their multi-family investments? Free rent isn't crushing "people". Investors aren't getting much sympathy these days as property investing typically leads to people being priced out of homes in a regular market.
 

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