REVERE, MA-This community is undergoing a revitalization as developers move in with plans to build apartments and condominiums. After almost 20 years of little growth, the city, once known for its seaside amusement park and beach hangout, will see the completion of two condominium complexes totaling 130 units and a 60-unit apartment building this year with two other condominium buildings totaling 311 units planned for the future.
"The reality is that Revere Beach today is a far different place than it was in the past," Paul Resten, vice president for residential development with the Tambone Investment Group which is building 82 condominium units on the beach, tells GlobeSt.com. "What we saw was a wonderful environment for development from many perspectives."
Restin, whose Burlington-based group will develop the multimillion-dollar U-shaped complex known as the Atlantica along with Eurovest Development, of Revere, says the city's commitment to development has helped foster an interest in the seaside community and solidify his company's decision to build along the country's first public beach. The project, set to be completed next April, will bring condos to the beachfront community with prices ranging from $200,000 up to $500,000.
Revere officials say the city plans to develop an 11-acre site adjacent to the Wonderland MBTA station into a multi-use complex that will include a hotel, restaurants, retail and high-end residential units. Control of the site, presently owned by the Massachusetts Bay Transportation Authority and the state Department of Conservation and Recreation and used as a commuter parking lot, was turned over to the city in 2001 and 2002.
The city is accepting qualifications from developers eager to build on the Wonderland parcel until the end of June after which it will begin reviewing proposals. The winning developer is expected to break ground on the multimillion-dollar, mixed-use project in 2007 at the earliest. "It's a cornerstone in the city's next step toward revitalization," Restin says.
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