Everett, MA – RISE and btcRE announced the team has closed on a residential project at 52 School Street in Everett. The team recently acquired the land 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 build 46 rental housing units including studios, one-bedroom, and two-bedroom unit options, all within a 4-story residential building. Seven of the 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 100 construction related jobs.
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.
The project will target LEED Gold certifiability, and the building will be carbon neutral, utilizing all-electric building systems and on-site renewable energy through rooftop photovoltaic (PV) solar panels. Of the parking spaces on-site, 25% 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. A Transportation Demand Management (TDM) program will support residents seeking alternative transit.
The project includes 46 bicycle storage spaces and new sidewalks, street trees, and landscaping along School Street, along with a new public crosswalk, street striping, signage and ADA improvements to the surrounding sidewalks.
RISE recently received approval from the City of Everett’s Zoning and Planning Board. The project is anticipated to start construction by Q3 2023.