A former Wynn Resorts executive-turned-developer has won a key city approval for what would be the tallest residential building in Everett.
John Tocco, a partner at V10 Development, received planning board approval this week for the 21-story luxury apartment building he wants to build at 114 Spring St., in an industrial area targeted for redevelopment near the Chelsea line. Tocco still needs to go back to City Hall, likely in early 2022, for the final building permit.
V10′s $215 million project, which would feature a rooftop restaurant run by The Varano Group with views of the Boston skyline, has undergone modest changes during the permitting process. The 550,000-square-foot building would now feature 385 apartments, including 20 designated as affordable.
The tower is going up in a 100-acre section of the city known as the Commercial Triangle, where new zoning rules were established in 2018 to encourage high-density, mixed-use development. V10′s project, dubbed Sky Everett, makes it a pioneer in that part of the city. Whether other developers will follow remains to be seen, although the possibility of a Silver Line bus-lane extension could draw investors’ interest.
V10 still needs to line up financing, Tocco said. The developer has hired Colliers, the real estate brokerage, to find equity and debt partners for the project. Tocco said he expects multiple offers, and investors will be finalized by the end of the year, with construction starting in late spring of 2022. Construction could take up to three years.
The tallest building in the city, of course, is Wynn’s Encore Boston Harbor hotel and casino. Tocco knows that project well: He was the casino’s head of community affairs and government relations and came to realize the city’s development potential in that role. Tocco ventured out on his own in 2019, less than the two months after the casino opened, to join with partner Ricky Beliveau to launch V10.