What comes next for development?

By Josh Resnek

For the past five years Everett has enjoyed a dizzying explosion of apartment house development.

Like everything else in life and in business, nothing lasts forever.

Development of the grand construction projects now going up, with more than 2,000 new units under construction is something to marvel at.

However, the business cycle is always ongoing.

Everything about the business environment is always changing.

Everett has nearly exhausted its options to build more multi-unit upscale apartment housing – not for the lack of ambition, rather, but for the lack of space.

Everett can always build upward.

Larger, taller building developments could add thousands more units to the Everett portfolio of apartment housing in the years to come.

Right now, such possible developments have not materialized.

What is the low hanging fruit?

The 95 acre Exxon Mobil property.

The property right now remains for sale.

It is apparently receiving serious scrutiny by several possible developers.

The sale and development of this sprawling property is very likely Everett’s last great hurrah for massive development that could alter the financial future of the city.

This property can hold thousands and thousands of new residential units, commercial interests and even light manufacturing or scientific research type companies.

It can become, and will likely become a city within the city, with a dozen or so new streets and open spaces.

This will not happen over night.

It will take a good five years for planning and development to take place.

In the end, however, this property is like a trump card for Everett.

It will be a project that cannot fail because it will be too bold and big and ambitious to fail.

Side by side, the sale of the Exxon Mobil property and the favorable renegotiation of the Encore Host Agreement with the city could lead to a favorable flow of money making Everett cash rich for the first time in its modern history.

Growth will never again be like it has been for the past decade for Everett.

With interest rates going higher, development naturally slows.

Permitting for new development projects in Boston are right now down 50% from recent years according to Tuesday’s Boston Globe.

That being said, Everett’s financial future is brighter than most because the casino is driving all sorts of redevelopment and expansion along the waterfront on Lower Broadway.

The higher interest rates and the lack of open spaces for new giant developments makes the future of development in Everett problematic.

Everything about new development now rests on the sale of the Exxon Mobil land.

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