The 125-unit affordable apartment building at 25 Garvey Street has reached full height and crews have moved inside, the City of Everett said after Mayor Robert Van Campen toured the site with local elected officials. The city calls it the first new affordable family rental housing built in Everett in more than 50 years, and it expects the building to open in summer 2027.
What is being built
The building is five residential stories over a podium parking garage on a former industrial lot in the Commercial Triangle, the redevelopment district off Revere Beach Parkway where more than 4,000 homes have been built or permitted, mostly at market rents, according to the Everett Independent. The unit mix, according to the city’s announcement, is 9 studios, 28 one-bedroom, 74 two-bedroom and 14 three-bedroom apartments, which the city says were designed for larger households. Earlier financing filings put the mix at 29 one-bedrooms and 73 two-bedrooms.
Seventy percent of the apartments will carry a preference for Everett residents, the maximum the state Executive Office of Housing and Livable Communities allows. The state’s bond agency, MassDevelopment, which issued a $34.3 million tax-exempt bond for the project in September 2025, said 107 of the units are for households earning up to 60 percent of area median income and 17 for households at 30 percent or less, with one apartment for a manager. Federal low-income housing tax credits are expected to bring about $21.9 million in equity; First Citizens Bank bought the bond with Eastern Bank, and Massachusetts Housing Partnership will take over the long-term financing once the building is done.
Who is building it
The developers are The Neighborhood Developers, the Chelsea nonprofit that also built the 33-unit St. Therese senior housing in Everett, and Impact Residential Development of Atlanta. The site, the old Colonial Marble Company yard next to Richie’s Slush, broke ground in August 2025 under the previous administration. Callahan Construction is the builder, and WinnCompanies will manage the building. It is the largest project in TND’s history.
“Garvey Street represents years of work, investment, and a shared commitment to bringing 125 new affordable rental homes to Everett,” said Steve Laferriere, TND’s director of real estate, in the city’s announcement. “We’re especially excited that families of all incomes will have the opportunity to live in the Commercial Triangle.” Will Sternlicht, managing director and principal at Impact Residential, called it “a historic project.”
“We want our residents to stay here and be able to build a future in the City,” Van Campen said. “When we build housing, folks not only have a place to live, they deepen their sense of community in Everett.”
The city’s money
The city has not published its own contribution to the project. In June, the City Council’s Ways and Means Committee heard from Chief Development Officer Monica Lamboy that the DeMaria administration had committed $3 million in linkage funds to a Neighborhood Developers affordable project, counting on developer payments that had not come in, and that the city had to move up to $1.2 million from its stabilization fund to cover the first check. That meeting’s record identified the project as being on “Garland Street”; our story on the vote is here. The council has since voted, on October 26, to ask the Legislature for a home rule petition requiring council approval of linkage spending.
Applications for the apartments have not opened. The building is expected to be completed in summer 2027, the city said; MassDevelopment’s filing had said May 2027. Source: the city’s October 13 announcement and tour photos, MassDevelopment’s bond announcement and the Everett Independent’s report on the August 2025 groundbreaking.
