Image courtesy of Context

A proposed luxury apartment tower received variances advancing its bid to become Everett’s tallest residential building.

V10 Development is proposing the 21-story SKY Everett tower topped by a restaurant run by the Strega restaurant group. The Everett Zoning Board of Appeals approved variances for a 250-foot-tall structure and 9.0 floor area ratio at the 114 Spring St. property, developer John Tocco said.

“Our two biggest obstacles were the height and the FAR variances and we’re through that. The Planning Board is mostly due diligence,” Tocco said. “I don’t want to undersell it, but the project is mostly by-right at this point.”

The Planning Board site plan review is likely to begin in June, Tocco said.

Varano Group, owner of the Strega family of restaurants, would operate a 6,000-square-foot restaurant and lounge including a 1,500-square-foot sky deck and retractable roof. Developers have said they would set aside a 15-foot right-of-way for a future MBTA Silver Line stop and dedicated bus lane.

Developers plan to close on the property, currently owned by Hingham-based Nead Realty LLC, following final approvals, Tocco said. The 1-acre property is currently occupied by a vacant warehouse and partially being used for parking of Amazon delivery vehicles.

V10 Development is a partnership between Tocco and Ricky Beliveau of Boston-based Volnay Capital, which is developing a mixed-use complex called The 600 including 85 apartments on Broadway in Everett.