21-story building seen as ‘undoable’

Volnay Capital has presented a proposal for a 21-story mixed use building for the Spring Street “Triangle” area. The site as seen recently. (Rendering courtesy of Volnay Capital)

Site thought better suited to 4-6 story project

By JOSH RESNEK

The proposed 21 story tower with 387 units for Spring Street in the so-called “Triangle” where the city wants to build apartment housing on a grand scale is considered by several local developers as undoable.

The notion that Everett can enter the 20-story high Boston type building club is improbable at best and impossible at worst, according to the developers, who all wished to remain unnamed.

“Not even at Assembly Square (in Somerville) are the buildings taller than 12-14 stories,” said one of the developers.

Another developer said the numbers just don’t work for such a building in Everett.

Continue reading 21-story building seen as ‘undoable’

Encore dealing new hands by the day

Explosive growth expected in next six months

By JOSH RESNEK

Next week, the Massachusetts Gaming Commission will release monthly income stats for the state’s three casinos.

It is expected that Encore will again lead the pack, and by a dramatic margin.

Last month, Encore’s figures rose by $7 million.

The Leader Herald is predicting this month’s figures will come in at least at that amount and maybe as high as $10 million.

Our weekly observation of the casino and comments from casino employees reveals that business is up, noticeably in the casino.

Gaming set a record of sorts at the casino last week when a local man won $60,000 at the roulette wheel in a matter of minutes.

Hotel occupancy remains flat.

With air travel at a virtual standstill compared with the way it used to be, occupancy cannot expand meaningfully.

Industry analysts examining Wynn’s income figures for 2020 reported a dismal year for the gaming and hospitality giant.

The first quarter of 2021 isn’t much better.

Continue reading Encore dealing new hands by the day

Silver Line extension could be a pot of gold


A rendering from Volnay Capital illustrates a new hotel near the Commercial Triangle on Spring Street. (Courtesy of Volnay Capital)

3K new housing units being built marks change

By JOSH RESNEK

A provocative feature in last weekend’s Boston Sunday Globe suggests Everett is quite possibly the next Somerville with the coming of the Silver Line to the city.

With thousands of new units being built here, and the Silver Line close to becoming a reality, the thought among some developers and analysts who follow real estate development is that Everett stands on the doorstep of a new day.

Overflow from the core of Boston is considered one of the key elements in Everett’s real estate revival.

That is, as Boston housing prices rise dramatically, renters and buyers look to surrounding cities and towns for a place to live.

Soaring costs for apartments and properties in Charlestown, Cambridge, and even Somerville, have caused developers and renters, and home buyers to flock to Chelsea and Everett.

Everett’s housing costs have jumped dramatically without a rapid transit connection in recent years.

For the matrix to work for increased development interest here, public transportation is the key – and this is especially true for cities like Everett.

Continue reading Silver Line extension could be a pot of gold

Spring St. revamp needed to go with proposed tower

Sky Everett project should kick-start massive remake of blighted area

By JOSH RESNEK

On its face, the suggestion of a development comprised of a 21 story apartment building with a rooftop restaurant with a big draw and 360 units is, frankly, a miracle waiting to happen.

Even in today’s hot real estate development marketplace in this city, not many would have predicted a many tens of millions of dollars 21 story proposal that boggles the mind.

(Courtesy of Volnay Capital)


The building permit alone for this project would give the city a whopping dump of free cash which is dependent on the total estimated construction cost.

Spring Street is not exactly Park Avenue. It isn’t even Park Avenue in Revere, for that matter.

Spring Street is about as ravaged a piece of squalid urban property that you can find.

Yet today, the land is worth millions.

The project will cost maybe $50 million or more – that is – if the project’s developer Steve Tocco can get the thing permitted by the city of Everett.

Continue reading Spring St. revamp needed to go with proposed tower

Can we do better than this?

The public park now being redone in North Everett is a glaring example of precious city money being spent – hundreds of thousands of dollars – to reconstruct the park which was already one of the loveliest public parks in the city.

Manyresidentshaveaskeduswhytheparkwasbeingredonewhenit gave the appearance of a park not at all in need of any improvements. The recent redo just a few years back of the park by GTA was flawless. The gazebo built by GTA is perhaps the most brilliant piece of period

style exterior construction in the city today.
Some have suggested this present redo of the park, (not by GTA) by

a contractor friend of the mayor’s, is what made the project possible. This sounds very likely but we have no proof of this.
The only proof we have about the park being redone – new and wider

sidewalks, new granite, landscaping, possibly a few benches, some paving and whatever else was planned for – is that it didn’t appear to need to be redone.

What has been gained?

Continue reading Can we do better than this?