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 Develo ment 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.
Previously published on http://www.bldup.cpm