"Industrial Everett wasn't exactly a development hot spot before 2014, when the Massachusetts Gaming Commission cleared the way for Wynn Resorts' Encore Boston Harbor - a multibillion-dollar, 33-acre casino resort just steps from the Costco-anchored Gateway Center (a different kind of development icon, some would argue). Encore opened in 2019 along the Mystic River, and five years later, the surrounding city doesn't quite resemble the same blue-collar enclave of yesteryear. The gaming mecca may not have single-handedly reinvented Everett, but it did accelerate a redevelopment boom that now stretches from the chiming slot machines of Encore to the gritty edges of the Commercial Triangle, a roughly 100-acre swath of former scrapyards and warehouses between the Revere Beach Parkway, Chelsea line, and MBTA rail tracks."
""Encore gave investors a reference point and credibility, but what's really validated the submarket is performance," said Ryan Souls, senior director of development at Greystar, which has built multiple projects in Everett in recent years. "We've attracted residents and leased up these buildings at a good clip.""
"Home sale data shows just how much the market shifted before and after Encore's debut. Everett's median single-family sale price rose 38.5 percent from 2018 through 2024 - up 30 percent when including condos, according to real estate analytics firm The Warren Group. Combined home and condo sales spiked 36 percent in 2021 before cooling as"
Everett shifted from an industrial, blue-collar city into a fast-growing multifamily development submarket after regulatory approval for Wynn Resorts' Encore Boston Harbor in 2014 and its 2019 opening. The casino accelerated a redevelopment boom stretching to the Commercial Triangle, a 100-acre area of former scrapyards and warehouses. Major developers including Greystar, The Davis Companies, and V10 Development are building multifamily projects, and the Kraft Group is pursuing a nearby soccer stadium. Leasing performance and resident demand have validated the submarket. Median single-family sale prices rose 38.5 percent from 2018 through 2024, with combined home and condo sales spiking in 2021.
Read at Boston.com
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