380 Second St

380 2nd St, Everett, MA, 02149-4503, US

Description

JLL Capital Markets is pleased to present 380 Second Street, a 1.62-acre, transit-oriented development opportunity located in Everett, Massachusetts. The offering comprises a currently approved site for 620 multifamily units and 7,918 SF of ground floor retail, with an alternative design supporting a minimum of 310 units and 3,800 SF of retail. Situated within the Commercial Triangle Economic Development District (CTEDD), the property features highly favorable mixed-use zoning with a by-right FAR of 3.5 (up to 6.0 by special permit) and only a 10% affordable housing requirement. Its location adjacent to the Silver Line and a 12-minute walk from Chelsea Station allows for direct commuter access to Downtown Boston, Logan International Airport, major employers, and leading universities.

380 Second Street is surrounded by robust area growth, institutional-scale capital investment, and rapid residential and demographic expansion. The immediate neighborhood features several ongoing and planned large-scale developments, positioning the property as a best-in-class urban infill opportunity in one of Greater Boston’s most dynamic submarkets. The site also benefits from a 14-year TIF agreement providing a weighted average 75% real estate tax abatement and inclusion in a federally designated Opportunity Zone, offering substantial tax advantages and project flexibility. 380 Second Street is offered on an "as-is" basis

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Attributes

Parcel

1.62 Acres

Zoning

Commercial Triangle Economic Development District (CTEDD)

Media

Investment highlights

Transit-oriented 1.62-acre site currently approved for 620 units and 7,918 SF of retail, with alternate design flexibility for 310 units and 3,800 SF retail. The alternative design envisions a seven-story building with five levels of wood-frame construction above a two-story steel podium.

Core Everett location with multimodal connectivity: Directly adjacent to the Silver Line and a 12-minute walk to Chelsea Station, providing access to Downtown Boston, Logan Airport, and major universities.

Favorable zoning within the Commercial Triangle Economic Development District (CTEDD): Mixed-use projects permitted by right, 3.5 FAR (up to 6.0 FAR by special permit), and a 10% affordable housing requirement.

Surrounding institutional capital investment and large-scale developments by Greystar, The Davis Companies, Northwestern Mutual, and others.

Rapid local population growth: 10.5% projected increase (2025–2030) within a 1-mile radius, with strong household income averaging $145,970 within 3 miles.

14-year Tax Increment Financing (TIF) agreement providing a weighted average 75% real estate tax abatement, including 100% exemption for years 1–4 (subject to minimums).

Premier urban redevelopment district with a robust pipeline of high-profile projects and vibrant retail, entertainment, and lifestyle amenities nearby.