where the former transfer station was leveled and property sold. (Photo by Jim Mahoney)
650 units scheduled to be built, Thibeault looking for new in town locale for transfer station
By JOSH RESNEK
A former trash transfer station on Boston Street has been leveled and its land sold to investors for a $50 million profit, according to sources familiar with the transaction.
Greystar Properties, a major multifamily developer, has purchased the property and will be building 650 units on the site, according to a report in Banker and Tradesman, the New England real estate bible.
The $50 million “flip” of the property after securing necessary city permitting, is believed to be the largest “flip” in the city’s history.
William Thibeault, the former owner of the property, is believed to be searching for a site in Everett for a new trash transfer station.
The $50 million flip by Thibeault to Greystar is the cap to an extraordinary string of real estate transactions that have netted the real estate investor an estimated $90 million since he began investing here in 1990s.
Thibeault once held an option for the former Monsanto site when he was starting out.
He lost that option after a court fight.
The casino and hotel now stand on that property.
It is alleged in Federal court documents that Mayor Carlo DeMaria received a commission for the sale of the Monsanto site destined to be the casino property to the investment group, FBT.
Mayor DeMaria gave Thibeault his start in Everett when he sold to Thibeault the former city yard on Third Street.
The mayor awarded Thibeault Fourth Street and the majority of Third Street as part of the sale August 15,.2009.
Thibeault paid $375,000 for that property. He flipped it nine days later for $7.5 million to Restaurant Depot.
Mayor DeMaria never had the property appraised to determine the fair market value before selling the property, according to city records.
Thibeault and family are the largest donor group to the mayor’s re-election effort, according to records on file with the Massachusetts Office of Campaign and Finance.
Thibeault bought the Stop and Shop property for under $1 million. He then sold that property for $3 million.
The Stop and Shop will be shutting down. That property is going to hold about 700 units of apartment housing that have been approved by the city.
Thibeault is not developing that property.
Thibeault bought the surrounding properties on Boston Street with the proceeds of the Stop and Shop land sale.
The city rezoned the area to allow for a major development Thibeault got the right to build 650 units.
That site is what Thibeault just flipped for the $50 million.
This is the land that housed the trash transfer station allowed by Mayor DeMaria without permitting. Less than a few hundred yards away, Thibault bought the land of the former Chelsea Clock Company in that city and adjoining parcels. He flipped that land and made approximately $40 million.
Thibault is apparently trying to move the former trash transfer station to another location in Everett, according to sources.
The flip profits are predicated on the per-unit value the developer can
pay to the owner of the site and still make a profit building out the property.
The former trash transfer site to house 650 units will cost about $300,000 per unit to construct and to purchase the land.
Thibeault received approximately $75,000 per unit as his commission.