Sky Everett: Residential Tower with Rooftop Restaurant Proposed for Everett
Posted By: Boston City Properties
A new residential tower being proposed in Everett will feature the tallest restaurant in New England if developers get the green light from the city. In late February, V10 Development and partners filed an initial proposal to develop a 21-story residential tower at 114 Spring Street near 2nd Avenue. The tower, which would stand 240 feet tall, will feature luxury apartment homes and an unspecified amount of ground-floor retail space. A destination rooftop restaurant will be perched atop the structure, offering views of the Boston skyline, Assembly Row and Encore Boston Harbor.
Upon completion, SKY Everett, as the proposed tower is being called, will be the tallest residential building in Everett. Currently, that designation is held by Sacro Plaza, an 11-story residential building near the heart of the city. It will also be the second-largest building in Everett, eclipsed only by the Encore Boston Harbor casino, which cost upwards of $2.6 billion to build. Many of the same developers from the Encore casino project are involved in the proposed residential tower project, which will transform an underused industrial parcel near the Chelsea border into a mixed-use area.
Construction of the new tower probably won’t begin until some time in 2022. The developer hopes that the building will open sometime in 2024, but a precise timeline has not been released yet. In fact, the project is only in the very earliest stages; currently, the developer is working through the permitting process with the city of Everett. When that is done, financing will be secured. Several investors will be needed because the total price tag for the development is expected to exceed $190 million. Therefore, it will be several years before the rooftop restaurant, tentatively called Sky Bar and Restaurant, will open for business.
The proposed residential building will include 366 apartment homes. The developer has not released specifics about these units, but they will most likely be luxury apartments. V10 Development has filed for zoning relief with the city to accommodate the new building, which will also have an unspecified amount of ground-floor retail space. The building is located in a 100-acre economic development district known as the Commercial Triangle, which was established in 2018 to encourage the construction of mixed-use, high-density developments in the neighborhood.
There’s already a lot of buzz about the rooftop restaurant that will be on the top floor of SKY Everett. The brainchild of the North End’s Varano family, the 6,000 square-foot restaurant will be perched 240 feet in the air. Plans call for a 1,500 square foot sky deck with a retractable roof, which will produce flexible, indoor-outdoor space that can be used throughout the year. The novelty of the restaurant should attract plenty of business, but some are concerned about the prospects of such a venture in Everett. Although the casino has opened and is doing well, it has plenty of eateries for visitors to enjoy.
The development of SKY Everett is just the latest step in the city’s ongoing resurgence and redevelopment. Since the Top of the Hub restaurant in the Prudential tower closed, the new Everett building will offer the “highest” dining experience in New England, which could help spark even more interest in this burgeoning area. The former industrial area will soon boast hundreds of luxury apartment homes, new retail establishments and a destination restaurant. If the Silver Line rapid transit bus route is extended into Everett as anticipated, demand for housing in the area will increase even more. Before long, SKY Everett could be joined by many other new residential developments – and Everett will further cement its position as a burgeoning residential alternative to Boston.