Everett City Council reviews Sophia multifamily development's TIF and community impact

The Everett City Council meeting on May 27, 2025, was dominated by discussions surrounding the proposed Sophia project, a significant multifamily development in the Commercial Triangle Economic Development District. The project aims to address the pressing housing needs in the Greater Boston area while ensuring a commitment to affordable housing and local job creation.

Key highlights from the meeting included a commitment to direct affordable housing linkage payments to the Everett Affordable Housing Trust Fund, as well as a pledge to include Everett High School students in job fairs and hiring efforts. The council emphasized the importance of avoiding the term "luxury" in marketing materials for the project, reflecting a desire to maintain a focus on affordability.

The developers presented data indicating strong demand for housing in the area, with current occupancy rates in the neighborhood hovering around 90%. They highlighted the unique nature of the Sophia project, which will be the first 100% union-built high-rise in Everett, and stressed the environmental cleanup and infrastructure improvements associated with the development.

Concerns were raised by council members regarding the length of the proposed Tax Increment Financing (TIF) agreement, which is set for 14 years. Some councilors expressed skepticism about the project's long-term benefits, questioning whether the TIF would ultimately serve the interests of Everett residents. They highlighted the need for more affordable housing options and the potential impact on local schools as new families move into the area.

In response, developers argued that the project would generate significant tax revenue—estimated at nearly $9 million over the first 14 years—compared to the current $67,000 generated from the industrial site. They emphasized that without the TIF, the project would not be financially viable, and the site would likely remain undeveloped for years.

The meeting concluded with a call for further community engagement and a commitment to refine the TIF agreement to better reflect the council's priorities. As discussions continue, the future of the Sophia project remains a focal point for the Everett community, balancing the need for development with the imperative of affordability and local impact.