V10 Development has filed plans to turn a parking lot and a long-vacant site in Everett into 591 housing units, along with an extensive stretch of waterfront open space. The project, called The Residences at Rivergreen, is part of the company's effort to revive the city's underused industrial areas.
The development would include three five-story residential buildings next to Rivergreen Park on the Malden River. V10 describes it as "the culmination of decades of work and effort to restore this site to its former beauty." The land was once home to the General Electric Everett Plant, previously known as Air Force Plant 28.
According to John Tocco, V10's managing partner and COO, the property sat unused for decades after General Electric consolidated its aircraft manufacturing plants in Everett and Medford in the 1980s. He said the site was fenced and walled off for years, and the riverfront became overgrown. "It really kept everyone in the community from even recognizing that Everett was on a waterfront, particularly in this area," Tocco told Boston.com in a phone interview.
The land was later included in the master plan for Telecom City, an ambitious proposal conceived in 1996 during a technology boom. It aimed to bring 7,500 jobs and more tax revenue to Everett, Malden and Medford, with 1.2 million square feet of office space for high-tech firms, according to a 2001 Boston Globe article. Telecom City was never built. Tocco said other ideas followed, including an office park and a residential project surrounded by "a sea of surface parking."
V10's proposal, Tocco said, puts more weight on creating a network of open spaces for the community and reconnecting Everett with its waterfront. The 830,000-square-foot complex would offer rental studios and one-, two- and three-bedroom units, with 10 percent set aside as affordable housing. Plans filed with the Everett Planning Board call for 592 parking spaces, with residential parking beneath the buildings. Tocco expects tenants to range from young professionals to retirees.
Amenities across the three buildings would include, according to the V10 website, a pool, gym, roof deck and fire pits. One standout feature is a seasonal craft beer and coffee garden. Tocco said V10 has partnered with Everett-based Night Shift Brewing and Koffee N'Box, which would operate from two 20-foot trailers facing each other, alongside public restroom facilities.
Rather than paying rent, the businesses would give a percentage of their revenue to a fund for the continued restoration and protection of the riverfront park. Tocco said the idea has so far been "very well received, driving a lot of excitement to local Everett businesses."
The project remains in its early stages and is awaiting local and state approval. Tocco said that once the approvals are in place, the company plans to break ground roughly a year later.
V10 has other Everett projects underway, including Terra, a 230-unit mixed-use development, and SKY Everett, a 21-story, 397-unit luxury apartment tower. Tocco said all three aim to revitalize industrial parts of the city. "The overarching goal is to take tired, beat up, derelict parcels and breathe new life into them," he said, adding that there is "a lot of potential and excitement happening in Everett."
