The Mason
Update
06/08/21
Greystar Purchases Approved 650-Unit Everett Project for $50 Million
Greystar has purchased 85-87 Boston Street in Everett from East Elm Realty, LLC - a subsidiary of Thibeault Development - for $50,000,000. The site, formerly a Siegel's Auto Salvage facility, was purchased by Thibeault Development in 1999 and was remediated of contaminated soil.
"The area is so close to Boston, just one exit off the Tobin Bridge, I knew that someday these properties would increase substantially in value," said William Thibeault, President of Thibeault Development. "I bought any parcels that I could, no matter the condition or environmental issues. I had my own demolition and environmental company and could deal with most issues in house. I acquired close to 25 acres over the years, all of which were former junk yards and Brownfield type properties."
The 5.9-acre site is slated for a 904,920 SF, 650-unit multifamily development and will begin construction this summer.
Plans also include 785 parking spaces, 19,000 SF of amenity space and 9,000 SF of retail space.
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