Officials, developers hold groundbreaking ceremony for $42M residential high rise
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.