BOSTON–RISE, a Boston-based minority owned developer and construction firm, and btcRE, a boutique real estate development, investment, and advisory firm, announced that the team has closed on a residential project at 52 School Street in Everett, MA.
The team acquired the land earlier this month and received financing from Needham Bank.
The project sits amidst Everett Square and the Commercial Triangle – two focal points for the City of Everett. As part of the ‘Envision Everett’ initiative, the city has strategically begun to expand the infrastructure to improve residential quality of living, revitalize underutilized areas, and create opportunities for residential and commercial uses to participate in the city’s growth and advancement.
RISE’s School Street project will add to the housing uptick in the area, bringing 46 rental housing units including studios, 1-Bedroom, and 2-Bedroom unit options, all within a 4-story residential building. 7 of the 46 rental units will be designated as affordable and will be available to individuals and families earning up to 80% of the area median income (AMI). Continuing their partnership with the Building and Construction Trades Council of the Metropolitan District (MetroBTC) and New England Regional Carpenters Union, RISE will be creating over one hundred (100) construction related jobs that offer great pay and benefits for Everett and Boston area union members and residents.
“Everett is an amazing city, undergoing a significant transformation while also making an effort to preserve its character and what makes this coastal community unique,” said Herby Duverné, Founder and CEO of RISE. “RISE is thrilled to bring this residential opportunity to the neighborhood and we look forward to future opportunities here.”
“We at btcRE have long sought the right opportunity to invest in the diverse and dynamic community of Everett, and we are thrilled to have found precisely the right project, parcel and partner,” said M. Ryan Gorman, co-founder of btcRE.
The residential community will offer a variety of amenities including a club room and lounge, on-site bicycle storage areas for residents and visitors, a fitness center, work-from-home stations for all hybrid scenarios, and a common outdoor terrace.
With sustainability in mind in one of Greater Boston’s most rapidly progressing coastal cities, 52 School Street will target LEED Gold certifiability. The building will be Carbon Neutral, utilizing all-electric building systems and on-site renewable energy through rooftop photovoltaic (PV)/solar panels.
25% of the parking spaces on-site will be designated for electric vehicle (EV) charging stations.
School Street is in walking distance of the restaurants along the Square’s Broadway Street and beyond, as well as local green open space parks, markets, and schools. Building upon Everett’s multimodal options and advances and excellent walkability rating, a Transportation Demand Management (TDM) program will support residents seeking alternative transit.
46 bicycle storage spaces will be available for residents, in addition to 16 bike parking spaces for visitors and the general public. New sidewalks, street trees, and landscaping will be prioritized along School Street, along with a new public crosswalk, street striping, signage and ADA improvements to the surrounding sidewalks will all further enhance the experience and walkable nature of the neighborhood.
BlueBikes membership and subsidized MBTA passes will be made available for building residents – with easy access to the MBTA Orange Line subway system at Wellington Station and Sullivan Square Station and several MBTA bus routes along Broadway/Rt.99 and Main Street.
Dedicated on-site ride-share pick-up and drop-off spots will consider the flow of traffic in and out of the site. RISE recently received approval from the City of Everett’s Zoning and Planning Board. The project is anticipated to start construction by Q3 2023.
