Image courtesy of Greystar

Groundbreaking of its latest apartment project will bring developer Greystar’s construction pipeline in Everett to more than 1,900 units by the end of 2022.

The latest project has broken ground at 85 Boston St., a 6-story, 384-unit apartment building that will be known as The Maxwell, Greystar announced this week. The complex is the second phase of the 85 Boston St. project, which also includes the Mason apartment building.

The Greystar projects have accelerated the pace of change in the city’s Commercial Triangle district, a former industrial zone that has been the epicenter of multifamily development in recent years.

Greystar also has a 450-unit project under construction at 35 Garvey St., and is scheduled to break ground late this year on a 741-unit development at 1690 Revere Beach Parkway.

Commercial real estate researchers predict that the pace of multifamily construction will decline because of rising material and labor costs that threaten profit margins.

Gary Kerr, managing director of Greystar’s U.S. East development, said last week that recent project cost increases of approximately 20 percent prompted the firm to cancel several early-stage projects in Boston suburbs.

Correction 5:30 p.m., Nov. 29, 2022: An earlier version of this article misstated the number of units for The Maxwell at 85 Boston St. and 1690 Revere Beach Parkway developments.  

Greystar Construction Pipeline Grows in Everett

by Steve Adams time to read: 1 min