East Elm Residence at 99 East Elm Street presents a fully entitled opportunity in Everett’s rapidly transforming Harborwalk submarket. This mid-rise project is approved for 190 residential units and 27,800 square feet of ground-level retail, strategically positioned within walking distance of the new Silver Line station and just minutes from downtown Boston and Logan International Airport.
Developer: Thibeault Development
Total Units: 190
Retail Space: 27,800 SF
Building Size: 100,000 SF
Stories: 6
Parking: 114 surface spaces
Zoning: Commercial (C)
Lot Size: 1.39 acres (60,588 SF)
Construction Start: June 2025
Projected Completion: September 2026
Opportunity Zone: Yes
According to recent CoStar data, the Everett/Malden/Medford/Melrose submarket is experiencing robust multifamily demand in mid-2025...
Vacancy Rate (2-4 Star Properties): 10.8%
Average Rent per Unit: $2,863
12-Month Sales Volume: $428.25 million
Average Sales Price per Unit: $438,940
Under Construction Units (Market Overall): 15,479
These metrics indicate a healthy investment environment with strong rental rates and significant sales activity.
Thibeault Development is a privately held, multi-platform real estate company operating throughout New England, with a strong presence in downtown Boston. The firm develops, operates, manages, and owns residential, retail, industrial, and mixed-use properties. Residential projects include re-developed downtown Boston buildings, urban ring apartment complexes, and suburban subdivisions and communities. Retail projects have encompassed big-box retail development and storefront sites in Boston. Industrial holdings range from heavy industrial sites to light industrial rentals and commercial storage facilities.
Established in 1985, Khalsa Design Inc. (KDI) is an award-winning design firm specializing in multifamily housing, hospitality, and mixed-use developments. Based in Somerville, MA, KDI collaborates with developers and city officials across New England to enhance community spaces. Their portfolio includes new construction, renovations, adaptive reuse of historic structures, and advanced architectural modeling. KDI is recognized for its commitment to sustainable and community-focused design.
With strong market fundamentals and prime access to transit and downtown Boston, East Elm Residence is poised to meet growing demand in Everett’s evolving Harborwalk district. As construction gears up for mid-2025, this project offers a timely opportunity in one of Greater Boston’s most promising urban submarkets. Stay tuned for updates as development progresses.
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