Revere Beach

[aws129]

Of note:

Miami Beach-style high-rises coming to Revere Beach
Boston Business Journal - June 16, 2006
by Brian Kladko
Journal staff

REVERE -- The comeback of Revere Beach has gotten a big boost by a developer who plans to build a 242-unit condo project on Ocean Drive that emulates the sleek, resort-style look of Miami Beach high-rises.

Sales of the Ocean Club Condominiums began last month, with 30 units under agreement, said Steven Fustolo, a Winchester accountant and developer who until now has done mostly small conversion projects in the North End, South End and Back Bay. The 13-story project received its local and state approvals this spring, and construction is scheduled to begin in January, with an opening scheduled for fall 2008.

One bedroom units start at $300,000 and two-bedrooms at $449,000, with penthouse units selling for $1 million -- a first for Revere Beach, said Gary Ferragamo, the sales manager for Coldwell Banker's The Condo Store. Units are being put up for sale in batches, to facilitate an even distribution of sales along price points.

Fustolo said he is the sole principal of the project, which he said would cost "north of $100 million." Although he said he has obtained financing from a bank and "private" sources, he said he could not disclose the lenders for another two to three months.

The Ocean Club is selling not just a resort-like building, but a resort-like existence, with concierge service, indoor and outdoor pools and hot tubs, a fitness center, a juice bar and a coffee bar in the lobby, all of it about two miles from the MBTA's Wonderland station.

"It's sort of a step up," said a developer of another Revere Beach project who did not want his name used. "What Steve's doing is something that hasn't been seen in the near north suburbs."

The beachfront has seen a flurry of activity over the past year, the first activity since the 1980s. Sales, however, are probably not keeping pace with developers' hopes.

The Atlantica, which is complete, has sold half of its 81 condos since sales began in January, with an average sales prices of $355,000 to $360,000, said Joe DiGangi, managing director of Boston-based Eurovest Development Inc., the developer. The Surfside Lofts, slated to open next month, has sold 16 of its 48 units, with an average price of $400,000, said Charlie Lightbody, the developer.

A former nursing home overlooking the beach has also been converted into the Ocean Plaza Apartments, with rents ranging from $990 a month for studios and going up to $1,550. The building opened in the fall, and all of its apartments are now rented.

The city also is considering three proposals, submitted by Eurovest, Leggat McCall Properties LLC of Boston and Federal Development LLC of Washington, for a transit-oriented hotel, retail, office and housing complex on 11 acres near the T station. The city expects to select one of them in August, said Frank Stringi, Revere's city planner.

Fustolo quietly began buying up beachfront properties, including a chiropractor's office, in 2003, ultimately securing nine parcels. "If you drive an hour north or south of Boston, it's virtually impossible to compile a property of this magnitude," he said.

Fustolo held a preview party last week on the roof of the Ritz-Carlton, inviting 5,000 renters from the Back Bay, Beacon Hill, North End, South End and East Boston who reported a household income of over $100,000. The event drew 275 people, who were sent off with complimentary beach towels.

"I think he's going after the creative class, which is looking for all the amenities," said DiGangi, whose Atlantica has a far more traditional, wood-frame look, built around a central courtyard.

Brian Kladko can be reached at bkladko@bizjournals.com.

[Ron Newman]

I'm not sure what kind of "combeack" condos represent. Didn't condo development kill off the amusement park here, leading to the area's decline?

[garbribre]

You mean the lack of condo development. These plans for Revere Beach, calling it Ft. Lauderdale North if I recall correctly during the early 80s, never quite materialized, did they? I guess that's the 'comeback'...exchanging the Ft. Lauderdale model for the Miami Beach model?? :roll:

I miss the honky tonk of Riveah. Those links to Art in Ruins, et al lead me to the lost amusement parks links. I was on it for hours looking at the pics of Lincoln Park and Revere and Rocky Point and Paragon... **sigh** Nostalgia kills.

[shawn]

Rocky Point, wow.... havent heard that name in decades. I used to go there when I was in elementary school.

[tocoto]

As I recall the amusement park at Revere Beach was pretty dilapidated and abandoned by the 1980s. The water was polluted with syringes, human waste and garbage. Seagull ruled, eating out of old hamburger wrappers blown out of trash bins. They built a few condos in the 80s but from what I remember until the harbor cleanup and high rents, mortgages and gas came along it was pretty slow there for the past 20 years.

[garbribre]

^Ahhh, yes, Revere Beach in all its gory glory. Heheh.

All the beaches around Boston and the inner harbors remained polluted and unswimmable into the 80s--Malibu, Wollaston, Winthrop--if I recall correctly.

When you are young (under eighteen), you don't notice the scrunginess. When I went to Coney Island in the early 90s, it was probably what Revere Beach was like in the 70s/80s. I thought Coney Island was digusting...while in my 30s. I think they began doing the same thing at Coney Island--building condos in order to gentrify and improve the area, but that seems to have stalled as well. It's way worse than Revere Beach, visually.

May as well post this link here, for all the Amusement park nostalgists:

http://www.defunctnewengland.com/

[palindrome]

wow that site is interesting. The ruins pictures are really creepy.

[garbribre]

Yeah. I spent alot of my childhood in amusement parks. I am a coaster fanatic. When you come down to it, amusement parks are creepy in their own way, even when fully functioning. The ruins of Lincoln Park in Dartmouth are particularly creepy since it was documented over a twenty year period as it burned and collapsed--and the coaster pics are fantastic, aren't they! I have had the good fortune of riding nearly every coaster in every park in the Northeast. The old woodies (**snicker**) can't be beat.

The Art in Ruins and Opacity (Urban Ruins) sites that were posted by somebody elsewhere on this forum also have amusement park photos and links. I Love This Shit! So I'll post them all again (and you can follow their other links to some more creepy stuff):

http://www.artinruins.com/index.php

http://www.opacity.us/

http://www.defunctnewengland.com/

[pescamaaan]

wanted to revive this thread...

does anyonebody have any thoughts on the surfside lofts? i viewed them last yr and thought they could be an affordable alternative to boston.

they seem to be built well, the 4th floor has nice roof access etc. but i'm not sure if i'm crazy about the location:

a) units in the back face the blue line
b) lot next door is deserted including a dilapitated old building - the lions den
c) two other condo buildings nearby are from the 60's or 70's and need to be torn down.

if one were to get a good deal on these today, does anyone think they'll retain their value? i know that's a loaded question especially given today's market, but i guess what i'm trying to gauge is - will these fall in value more or less than the average mass condo/home? i'm leaning towards more due to their location and surroundings.....the interior is too high end for the location

Pescamaaan, see the email I sent you. I addressed it to your archboston.org account. I don't think there's much reason to revive this thread just yet.

I apologize for for doing the same...

[statler]

I have a feeling there is another thread on this but I can't find it so...

Boston Globe - December 8, 2009

Revere project gets $47m jump-start
Stimulus funds to help pay for garage at Waterfront Square site

By Casey Ross, Globe Staff | December 8, 2009

Governor Deval Patrick?s administration said it will spend $47 million in federal stimulus money and state funds to jump-start the long-delayed revitalization of the Revere waterfront, where a developer is proposing to build a complex of condominiums, offices, and a hotel on 9 acres.

The public aid will finance a 1,900-space parking garage for the $500 million Waterfront Square project, a seven-building complex near Revere Beach. About one-third of the spaces will be used for the development, the remainder for commuters who use the Wonderland MBTA station.

Waterfront Square is the latest beneficiary of Patrick?s policy to target federal stimulus money at public works projects connected to large private developments, hoping to generate more jobs and larger economic gains. The administration has provided funding for infrastructure improvements for a large project in Assembly Square in Somerville and for a new ramp connecting Route 24 to a business park in Fall River.

At an event in Revere yesterday, the governor said the Waterfront Square garage is a wise use of stimulus money.

?This garage is important in the jobs it creates during construction and because of the economic development it unlocks closer to the beach,?? Patrick said.

However, Waterfront Square still faces several obstacles before construction can begin. Revere officials have yet to acquire the 9 acres of state land on which it would be built, and the developer, Eurovest Development Inc. of Boston, must still line up financing to move the project forward.

Construction on the garage will start next year. State officials hope that by moving this component of the project forward, Eurovest will be in a better position to begin building once the economy recovers.

US Representative Edward Markey called successful construction of Waterfront Square ?the centerpiece?? of Revere?s future.

?This project will make it possible not just to have the new development here, but for all the rest of this beach to be completely redeveloped in a way that will transform this city,?? Markey said.

The Revere announcement came days after Patrick was criticized for wanting to use $9 million in stimulus funds to build a footbridge over Route 1 in Foxborough that would have connected properties owned by Robert Kraft, chairman and CEO of the New England Patriots. Administration officials withdrew the funding last week saying they were not sure the footbridge would be ready for construction by the end of February, deadline for allocation of stimulus money.

Yesterday evening, a Patrick administration official said federal officials expressed concerns about the appearance of using federal stimulus money to build the bridge.

?It?s fair to say that federal highway had concerns,?? said Jeffrey Mullan, state transportation secretary. ?They didn?t like the fact that it was on the list.??Critics had questioned the use of the money for a private project and worried it would provide little public benefit. But Patrick defended the funding for the footbridge earlier yesterday, saying it would have spurred private development that will create jobs.

?I don?t think that?s a misstep at all,?? he said of the Foxborough project. ?That bridge opens up 1.5 million square feet of commercial office development. It?s the largest single commercial development plot we have in the Commonwealth.??

At Waterfront Square, the state will use $22.7 million in federal stimulus money, and kick in another $11.3 million that the MBTA will borrow. The balance of the cost will be funded with state and federal grants.

The completion of the nine-story garage - along with relocation of busways that serve Wonderland Station - will open up land needed for Waterfront Square. The project would be built in two phases. First would be a pair of 16-story buildings across from Wonderland station that would include a 100-room hotel, 150 condominiums, and 145,000 square feet of offices, parking, and stores. The second phase is five condominium or apartment buildings on adjacent property along the beach, although Eurovest founder Joseph DiGangi said those buildings could become offices, depending on market conditions at the time.

Revere Mayor Tom Ambrosino said yesterday city officials are negotiating with the state to acquire the land. He acknowledged Revere has a lot of work ahead of it, but expressed confidence the work will eventually begin.

?Those lots will get developed,?? Ambrosino said. ?It?s prime beachfront property.??

Casey Ross can be reached at cross@globe.com.

[TheRifleman]

Now our state officials are developers. Our hardearned taxpayer money being used.
Revere Beach looks alot better these days since the 80's but still a very tough area.

[statler]

^^ My God it's true! I have proof! Just look at these photos:

[Joe_Schmoe]

Couldn't we instead use the money to demolish the horrifying buildings that are there now instead?

[bostonbred]

PRIVet market forss do it BETTER and YOU ARE NOT!!!
POLITICIANS nocking down roller coaster and RIDES I amseeing in OLD pictura. The "Urbs renowel" make it BIG mess now. "Oh yes" said the grinning politician mans "The funny place for working mans is BLITE!!! flat it down now!!! it GOOD for them!!!" Planner man and govt say; "evry place CAN and MUST look like Riviera, not Revere. The chickens in EVEREY plot for you!!!."
That NOT work too good, eh? SO? "We MUST spending MORE money on Riviera."
Better to rezone as amusing park.
At least that is what iam thinking heere

[kennedy]

Originally Posted by bostonbred

...Better to rezone as amusing park...

Yes.

[czsz]

Originally Posted by bostonbred

PRIVet market forss do it BETTER and YOU ARE NOT!!!
POLITICIANS nocking down roller coaster and RIDES I amseeing in OLD pictura. The "Urbs renowel" make it BIG mess now. "Oh yes" said the grinning politician mans "The funny place for working mans is BLITE!!! flat it down now!!! it GOOD for them!!!" Planner man and govt say; "evry place CAN and MUST look like Riviera, not Revere. The chickens in EVEREY plot for you!!!."
That NOT work too good, eh? SO? "We MUST spending MORE money on Riviera."
Better to rezone as amusing park.
At least that is what iam thinking heere

You are totally becoming too revealing with your brilliance. "Privet" (Russian for "hello") for "private" was a nice touch, though.

[czsz]

Originally Posted by TheRifleman

Now our state officials are developers. Our hardearned taxpayer money being used.

Agreed. We should not let them develop another meter of roadway. We need to go back to private roads and toll booths forthwith. It's what the Founding Fathers had in mind anyway.

How dare they steal our hard earned money and invest it in the economy that generated that money to begin with! Another step closer to the sorry state of Socialist Sweden.

(The money is going to subsidize a parking garage that will mostly be used for the T stop, ahem)

[kz1000ps]

Originally Posted by bostonbred

PRIVet market forss do it BETTER and YOU ARE NOT!!!

Is that you, Stephen Colbert?!

[Beton Brut]

I would have preferred to see these funds used to create an intermodal connection at Wonderland between the Blue Line and Commuter Rail. Or to improve the Orient Heights station, which is literally falling down.