Project start contingent on Revere netting state funds

REVERE – Construction of the first phase of the 10-acre Eurovest project will not start until the state hands out $23 million in taxpayer money to the city.”It’s contingent on that and more,” said Mayor Thomas Ambrosino Tuesday, adding the city also needs $10 million in state funds to help pay for construction of a 1,500-space parking garage next to the hotel and public plaza that Eurovest Managing Director Joseph DiGangi wants to build.”I’m reasonably optimistic,” Ambrosino said in assessing Revere’s chances of securing the state money.DiGangi wants to start work on the two-acre hotel site near Wonderland station early next year. The hotel and garage will be the first phase in Eurovest’s multi-year plan to construct $1.4 million worth of residential and commercial development around Wonderland.”Once we’re comfortable the funds are there we can commence with the hotel,” DiGangi told City Council members Monday.The city picked the Boston developer in December 2006 to build the half billion project. Since then, DiGangi told councilors this week, Eurovest has been filing paperwork and meeting with public officials in an effort to secure nearly 50 permits required before construction can begin.Eurovest plans to file an initial report assessing the project’s potential environmental impact this spring. DiGangi said he hopes to work with Massachusetts Bay Transportation Authority officials in the late fall to relocate bus drop off and pickup stops next to Wonderland in preparation for construction.The developer’s plans include building 752 beachside high-rise residences and storefronts to create, in DiGangi’s words, “a community that is vibrant 24 hours a day.”Council President George Colella warned the “sheer size” of projects like Eurovest’s often relegate them to the drafting board, but Councilor at Large Anthony Zambuto said DiGangi’s project “is the future of Revere.”In the last two years, the City Council has tentatively approved two other major beachfront projects. Richard Clayman wants to build a 172-unit condominium complex with parking at 320-328 Revere Beach Boulevard and Ambrosino said Ocean Club developer Steven Fustolo has secured financing to build his condominium complex.”He will pull a foundation permit in the spring,” the mayor said Tuesday.