Image courtesy of Stantec

Another high-rise apartment complex is proposed in Everett’s Commercial Triangle steps from the planned Sky Everett tower.

Newton-based Fulcrum Global Investors submitted plans for The Sofia, a 643-unit complex on a 1.6-acre parcel at 380 Second St. that is currently occupied by a 30,000-square-foot warehouse.

Fulcrum is seeking approval for the 675,000-square-foot complex under Everett’s commercial triangle zoning, which encourages redevelopment of the industrial district south of Revere Beach Parkway as multifamily housing. The project will require variances for its proposed height of 240 feet, 539 parking spaces and floor area ratio of 9.6.

Developers said they will encourage use of transit, including a planned MBTA Silver Line stop on Second Street, by limiting the number of spaces per unit and charging a separate fee for parking on top of the lease payments. The parking would be located in an above-grade section of the building and topped with amenity space including a terrace and pickleball court.

The project would include 10 percent income-restricted units. Rents for market-rate units would range from $1,800 for 474-square-foot studios to $3,000 for two-bedroom units, according to application materials. The 33 affordable units would rent for $1,742 to $2,336.

Fulcrum states that the project will provide needed workforce housing to address the region’s housing affordability crisis, including an installment security deposit program. Developers will create a small business incubator for the 8,335 square feet of ground-floor retail space.

Designed by Stantec, the building includes over 37,000 square feet of amenity space to reflect a large component of compact studio units.

The property, which is currently owned by Conquest Realty Trust of Everett, is located just east of the 240-foot-tall Sky Everett tower which was approved in 2021. In January, V10 Development acquired the 1-acre site at 108-114 Spring St. where it plans to build a 21-story, 366-unit apartment tower.

Fulcrum is a real estate development firm founded in 2019 by Scott Brown, former head of global real estate for Barings. The firm submitted plans in 2021 to redevelop an industrial property in Charlestown as One Mystic, a 29-story, 695-unit apartment tower that is currently under Boston Planning and Development Agency review.

Developer Proposes 675K SF Apartment Tower in Everett

by Steve Adams time to read: 1 min