Revere Beach Developments/infill | Revere

jass said:
Arent you in real estate?

Why do you keep pressing this point? Compare beachfront property (on average) with the price of homes 2 blocks away. What do you find?
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I was teasing.

But, to answer your point, no, prices along beaches are not higher-priced than elsewhere. If they are, many reasons for this exist other than desire to have ocean-views, such as, they were built much-more recently.

South Boston waterfront houses and condos do not sell for more than those on side streets. South Beach Miami condos do not sell for more than Miami condos. Hampton Beach waterfront properties do not sell for more than in-town properties. Salisbury Beach waterfront properties do not sell for more than in-town properties. Hull waterfront homes do not sell for more than down properties. Gloucester waterfront properties do not sell for more than in-town properties. Hyannis waterfront properties do not sell for more than in-town properties. Myrtle Beach beach-front properties do not sell for more than in-town properties.

Shall I continue?
 
Wait, are those facts or just observations? Because in Marblehead, the waterfront homes almost always sell for more. I think that's probably because they're also the nicest homes, but they're nicer because people with money want to live by the ocean. Hell, there's even a price difference between which side of the ocean you want to live on - Mass. Bay or the Harbor?
 
My opinion is that Mr. Keith's facts are observations.
 
Well, yes. Just different observations. And my observations are always subject to being wrong, so I was just wondering if they were accurate or not.
 
Being humble creates ethos when there isn't any to be found in credentials or citations. I'm not a real estate agent, nor did I research anything behind my observations, so they hold less credibility than John's do. Dogmatism rarely works to convince people of your argument.
 
This makes fail #3 at least during my lifetime for the "rebirth" of Revere Beach.

Lenders Seek To Speed Up Revere Ocean Club Foreclosure

By Paul McMorrow
Banker & Tradesman

The lenders on a stalled 242-unit condominium development in Revere are asking a bankruptcy judge to accelerate foreclosure of the oceanfront construction site, saying the project's bankrupt developer is "hopelessly under water."

Attorneys for the Connecticut-based Patriot Group, which loaned the Ocean Club $13.6 million in pre-development financing, said in a recent court filing that the Ocean Club's holding company "lacks any reorganization prospect" in bankruptcy court because "the debtor has no financing, income or employees."

The Patriot Group has asked a judge to lift a stay that is blocking foreclosure auction of the Ocean Club's two acres of beachfront land. A last-minute bankruptcy filing by the Ocean Club's holding company, Revere Beach Holdings LLC, halted an auction at the site last month. That auction has been rescheduled for March 26.

The Ocean Club's developer, Steven Fustolo, has said his massive complex would bring Miami Beach to Revere. He spent roughly $5 million assembling the development site, but was unable to secure a $120 million construction loan to move the project forward.

The Patriot Group demanded repayment of its preconstruction loan last August, and initiated foreclosure proceedings in January. Fustolo took Revere Beach Holdings into bankruptcy in hopes of finding a friendly buyer for the Patriot Group's debt.

A January 2007 appraisal on file with the court pegged the value of the Ocean Club's land and permits at $20.5 million. However, an updated appraisal prepared by CB Richard Ellis for the Patriot Group puts the site's value at just $3.25 million. In a court filing, the Patriot Group predicted the land wouldn't even fetch that much at auction.

The Patriot Group wants to accelerate foreclosure at the site because unpaid real estate taxes are eroding the financiers' position in the property. The Patriot Group estimated that Fustolo has a total of $21.8 million in encumbrances on the property, including $342,000 in back taxes.
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Want to bring life back to Revere Beach? Bring back the roller coaster.
 
A January 2007 appraisal on file with the court pegged the value of the Ocean Club's land and permits at $20.5 million. However, an updated appraisal prepared by CB Richard Ellis for the Patriot Group puts the site's value at just $3.25 million.
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How did the first appraisal pass the giggle test? $10M an acre in Revere? Even with the permits that seems crazy.
 
I noted some construction activity on this site, directly across the road from the Wonderland T Station. I believe something was planned for this spot. I'll keep an eye on it.
 
I'll swing by on Monday (I hope) and get some pics.

If something is going to be built, there's a 99.9% chance of being a 100% residential block. I do pray it will have retail on the ground with residential over it, but I don't think it'll happen. So much potential here.
 
The parking garage has already been built recently. It's on the other side of the station.
 
BostonUrbEx said:
The parking garage has already been built recently. It's on the other side of the station.
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Urb -- according to the T's site --

" The new South Parking Garage (SPG) will provide approximately 1,465 parking spaces along with additional elements designed to create a multimodal transit facility integrated with the adjacent Wonderland Station, and with future transportation and development elements. The purpose of the Project is to consolidate parking into a single area providing safe and efficient parking capacity to optimize MBTA services and integrate them with adjacent roadway functions; the parking supply in the garage will ensure sufficient commuter parking despite the loss of existing surface parking areas that are planned for development as part of a separate project.

While the South Garage Project will facilitate this important development, it has an independent utility by ensuring that MBTA customers are provided a sufficient parking supply even as non-MBTA-controlled surface parking is eliminated.

The Project is being funded by several sources including, ARRA Stimulus Grant of $22.7 million, FTA Earmarked Section 5309 Grants of $3 million, MBTA Revenue Bonds of $11.3 million, Commonwealth MORE Grant to Revere of$10 million, Prior Programmed Wonderland Busway of $6.5 million (FTA Grant and State Infrastructure Fund Grant), totaling to $53.5 million.

The Project is scheduled for start of construction in mid September 2010 with estimated completion by March 31, 2012.



Revere Transit Facility and Streetscape

"
 
^ Please tell me that wall of text is supposed to explain what's going on at the construction site in question, and not simply rehashing what has already been said about the T garage site (in several threads on this forum throughout the years).
 
blade_bltz said:
^ Please tell me that wall of text is supposed to explain what's going on at the construction site in question, and not simply rehashing what has already been said about the T garage site (in several threads on this forum throughout the years).
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Blad -- I call your attention to the following:

The Project is scheduled for start of construction in mid September 2010 with estimated completion by March 31, 2012.

also

Blue Line Advisories

Wonderland Station

Parking Garage, station entrances will be temporarily moved to accommodate construction. Please follow all posted signs for more information. Please visit MBTA.com or call the Customer Service Department at 617-222-3200, 617-222-5146 (TTD) for additional information.

7/30/2011 7:57 PM

Does that explain what is going on -- it might

not living in Revere, not wanting to drive to Revere, not being able to take the T without riding a temporary Red Line Bus -- I chose to do what I can do - look for something related on the web -- which while it might have been available earlier -- might have been missed

everything else on this thread recently has been speculation
 
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