Revere project on the move, but city, others wonder when

REVERE – Developer Steven Fustolo promises his long delayed beachfront condominium project is ready to take a great leap forward but city officials are waiting to see that talk translated into tangible results.”We have a positive announcement just around the corner,” said Fustolo Tuesday, adding that his Ocean Club project remains “on track.”Fustolo unveiled his plan to build two 12-story residential towers and an eight-story structure two years ago to applause from City Councilors. At the time he indicated the $100 million project would be completed by this year.Mayor Thomas Ambrosino said Fustolo assured him in May that, not withstanding downturns in the housing market, he was in the process of assembling project financing. Fustolo has yet to file for city permits to begin constructing his project.”I’m disappointed but I still have hope,” Ambrosino said.City Inspectional Services Director Nicholas Catinazzo estimated permit fees associated with Ocean Club could generate $800,000 for the city. He said three or four individuals who made down payments on the yet-to-be built residences have called the city asking for project updates.”We tell them it’s a legal matter that has nothing to do with the city,” Catinazzo said.Fustolo in 2006 said he planned to sell condominiums for $300,000 to $1.2 million and told councilors his 242 residence project oriented around a fitness club will feature ocean views with extensive use of glass.Ward 5 City Councilor John Powers is “cautiously optimistic” Ocean Club will become a reality. He noted that the Sea View complex built 20 years ago on Revere Beach took time to plan and develop.”Mr. Fustolo has made a major investment down there in land and architectural work. I think it’s going to happen,” Powers said.Another beachfront developer, Joseph DiGangi, wants to start work on his Eurovest project early next year starting with construction on two acres near Wonderland station. A 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.Eurovest has been filing paperwork and meeting with public officials in an effort to secure nearly 50 permits required before construction can begin.DiGangi 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.”In addition to Fustolo and DiGangi, developer Richard Clayman wants to build a 172-unit condominium complex with parking at 320-328 Revere Beach Boulevard.