99 E Elm Street

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.

Project Overview

• 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)

• FAR: 1.65

• Construction Start: June 2025

• Projected Completion: September 2026

• Opportunity Zone: Yes

Strategic Location Highlights

• Transit Access: 0.4 miles to Chelsea Station (MBTA Newburyport/Rockport Line); 2.9 miles to Malden Center (MBTA Haverhill Line)

• Proximity to Boston: 2 miles to downtown; 4 miles to Logan International Airport

• High Visibility: Situated near major thoroughfares including Route 1 and Revere Beach Parkway

• Walk Score: 67 (Somewhat Walkable)

• Transit Score: 61 (Good Transit)

Market Insights: Everett Multifamily Sector

According to CoStar data, the Everett/Malden/Medford/Melrose submarket is experiencing robust multifamily demand:

• 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.

Developer Profile: Thibeault Development

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.

Architectural Vision: Khalsa Design Inc.

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.

Nearby Local Gems:

• Encore Boston Harbor: A luxury resort and casino featuring fine dining, a spa, and a scenic harborwalk.

• Night Shift Brewing: A popular craft brewery known for its innovative beers and lively taproom.

• Glendale Park: Everett's largest public park offering athletic fields, a playground, and walking paths.

• Short Path Distillery: A craft distillery producing a variety of spirits with a focus on quality and flavor.

• Everett Harborwalk: A scenic waterfront path along the Mystic River, ideal for walking and biking. 

Investment Opportunity

East Elm Residence offers a rare chance to invest in or purchase a fully approved, transit-oriented development in one of Greater Boston's emerging neighborhoods. With its strategic location, strong market fundamentals, and experienced development team, this project is poised for success.