Exiting Everett Mayor Strikes Deal With Wynn For Hotels, Commuter Rail Stop
In one of his last moves before leaving office, former Everett Mayor Carlo DeMaria cleared the way for Wynn Resorts to build two hotels and a new commuter rail stop.
DeMaria signed a memorandum of agreement with Wynn Resorts that would allow the company to move forward with two non-gaming hotels along Everett's Lower Broadway, the city announced on Tuesday. In addition to the hotels, the agreement includes a new commuter rail stop adjacent to the Encore Boston Harbor casino.
Although it is unclear how much the city and Wynn Resorts would be expected to pay in the agreement, the company agreed it would fund up to $25M toward the studies and potential construction costs of the commuter rail stop on the Newburyport/Rockport line.
The agreement would allow the city to tax the hotels on real estate, personal property, room and meals totaling roughly $10M per year, The Boston Globe reported. The new hotels would bring up to 800 rooms.
The commuter rail stop is subject to approval by the Massachusetts Bay Transportation Authority. Any future development must comply with applicable environmental remediation standards before construction can begin.
The agreement closes out DeMaria's pro-development administration that led the way for several massive redevelopment projects to come to fruition and the promise of a new soccer stadium spearheaded by The Kraft Group.
DeMaria was voted out in November amid controversy surrounding $180,000 in payments he received from the city. Former City Council Member Robert Van Campen is DeMaria's successor.
However, DeMaria led a massive development era for Everett, which lies roughly 4 miles from Boston. When he took office in 2008, DeMaria helped reimagine the hundreds of acres of underutilized industrial land in the city's Commercial Triangle and across its waterfront.
He was part of the effort to land the $2.6B deal for the Encore Boston Harbor casino, which opened in 2019. The project has raked up an estimated $27M in annual tax and mitigation payments.
The project has helped open the door to even more development across the city, including in the Lower Broadway, where the casino calls home. Developers, including Greystar, V10 Development and The Davis Cos., have since proposed thousands of units and millions of square feet of new commercial development across the city.
Everett saw a 16% increase in net new housing permits between 2015 and 2021, more than any other Greater Boston city, according to Metropolitan Area Planning Council data.
However, growth under DeMaria has led to concerns about whether the city will remain affordable for longtime residents. Gross median rental prices for apartments in Everett grew by 43% from 2019 to 2023 compared to 2014-2018. That percentage spike in rental prices was tied for second-most among a comparison of nine communities in Greater Boston during that time period, according to a report by the Metropolitan Area Planning Council.
Earlier this month, The Kraft Group struck a deal for $90M in community benefits with the city as part of its $500M soccer stadium set to be constructed along the city's side of the Mystic River.
