Image courtesy of CUBE 3

Everett officials and a development team swapped out the usual shovels for sledgehammers at a ceremony marking the beginning of a new apartment complex at 1690 Revere Beach Parkway.

Greystar is demolishing the former Stop & Shop Supermarket on the property to make way for its 741-unit apartment complex designed by architects CUBE 3.

Greystar acquired the property from The Grossman Cos. of Quincy on Nov. 21 for $34 million, accoring to a Suffolk County Registry of Deeds filing.

The project will be built out in two phases, with the first 325 units scheduled for completion in early 2025. A second phase including 416 units is expected to be delivered in early 2025.

The complex will include 9,500 square feet of retail space and nearly 23,000 square feet of resident amenity space including five courtyards, two swimming pools, a seventh-story terrace and dog park.  

Public benefits include new pedestrian walking paths, sidewalks and dog parks in the Everett Commercial Triangle district, where a cluster of industrial properties are being redeveloped as multifamilly housing.

The start of work brings Greystar’s active development pipeline in Everett to 1,905 apartments, including projects already under way at 35 Garvey St. and 85 Boston St. The firm’s total investment in Everett projects is approximately $730 million.