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.
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.
