Revere project takes first step toward becoming reality

REVERE – An asphalt-covered lot facing Revere Beach is the site for the first of several high-rise residential buildings planned over the next decade for the city?s oceanfront, developers and Mayor Daniel Rizzo said Friday.Construction on the Vanguard building starts next week, said city development consultant Paul Rupp, and its 194 market-rate apartments will be completed in 18 months. Vanguard is the first building planned for Waterfront Square, a beachside development project Rizzo said will stretch down Ocean Avenue from Revere Street to the Wonderland subway station by the time it is completed.?This investment speaks volumes about Revere?s untapped potential,” Rizzo said Friday.Under design since 2006, Waterfront Square already features a parking garage next to the station paid for with tax dollars and a pedestrian bridge connecting the beach to the Wonderland parking lot eventually slated for construction.Once completed, Rizzo said Waterfront Square will include 900 residences, plus hotel rooms and stores as well as a public plaza.Local developer Joseph DiGangi initially designed the development working with city planners, City Council members and former Mayor Thomas Ambrosino.DiGangi?s Eurovest Development launched Waterfront, but two multi-billion dollar firms bought the two-acre Vanguard site for $4.9 million and plan to spend $42 million on the residential high rise.Louis Minicucci, local partner for Covington Realty Partners, said Covington General Manager John Porta saw the potential in Boston?s revived Seaside District and similar potential in the Ocean Avenue property slated for Waterfront Square.?We consider Revere a diamond in the rough,” Minicucci said during Friday?s Vanguard groundbreaking.DiGangi said Waterfront Square attracted critics during the 2008 economic downturn who insisted the project would never leave the drafting table. He credited state officials led by Gov. Deval Patrick with committing public money to build the garage.?It?s right to think big here,” state Housing and Economic Development Secretary Gregory Bialecki told the groundbreaking?s audience, adding, “A smaller, simpler project could be built here but it would not be as transformative as this will be.”Because the site is located at a slightly lower elevation than Revere Beach Boulevard, Vanguard will be built on top of a two-story parking garage to ensure all apartments overlook the beach and the views beyond it.?We are close to making this the place we have all dreamed about,” state Rep. Kathi-Anne Reinstein said.