No place in the city is over-development more noticeable than with the soaring 8 story cinder block elevator shaft rising out of the ground and reaching for the sky at 800 Broadway.
This precursor to a mammoth apartment house with hundreds of units on a stretch of Broadway bordered by a neighborhood of single and two-family homes is the rough equivalent of the Empire State Building being put there.
Residents living in their well-kept neighborhood homes on Carlson, Bolster, and Henry Streets on Elliott Road on Marie Avenue will rue the day the new apartment house comes to life.
Because the opening of that apartment house signals the end of the neighborhood on this section of Broadway.
Growth and development are good for a community. However, growth and development should be implemented in a controlled manner, after careful planning, to ensure that it is truly beneficial to the community. If you look around our city you see two and three family properties converted into six and eight-plus unit structures. You see buildings being constructed in neighborhoods that tower over the surrounding properties. An even closer look reveals that some of these developers have multiple projects in our city. These large-scale buildings do not blend with their surroundings, and impair or completely block sunlight from reaching smaller structures.
It is imperative that we protect the integrity of our neighborhoods. We cannot continue to build excessively on every square inch of space. The current unlimited expansion is overburdening our city’s infrastructure, causing overcrowding and resulting in unnecessary congestion. Additionally, this uncontrolled growth further frustrates our city’s overloaded school system.
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.”
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.