LYNN ITEM PHOTO BY OWEN O’ROURKE
State Secretary of Housing and Economic Development Jay Ash, left, helps Budge Upton, partner at Upton & Partners, Mayor Brian Arrigo, and Xander Dyer, V.P. T.A. Associates Realty cut the ribbon at Ocean 650 Apartments.
REVERE — Ocean 650 Apartments, a new luxury apartment complex on Revere Beach, was christened by city and state officials on Wednesday, who hailed it as setting the standard for future development in Revere.
Jay Ash, State Secretary of Housing and Economic Development, joined Mayor Brian Arrigo and other city officials for a ribbon cutting on the rooftop of the apartment complex on Ocean Avenue, which holds 230 market-rate units, ranging from $1,750 to more than $4,000, according to the developer, Budge Upton, partner with Dedham-based Upton & Partners.
“This is awesome,” Ash said. “To the City Council, congratulations on what you’ve been able to accomplish here. This is really something that you should take a great deal of credit for. Lots of communities (would) be very happy to have what you have here and are very envious here today. To be able to deliver such quality development to the community and a community that very much wants to have development … take place is really something you should be proud of.”
Upton said the building opened about five months ago, on a budget of $50 million, and is 61 percent leased. He declined to say how much he paid for the property, which he acquired from the master developer, Joseph DiGangi in late 2014. Online records show the sale price was $2.47 million, and the property value is $31.4 million. Upton said construction began 26 months ago.
Upton said he liked the location for the complex because of the public transportation, the beach, proximity to downtown Boston and a supportive government. Amenities include a fitness center, roof deck views of the Boston skyline, garage parking, and its location adjacent to the MBTA Wonderland Station.
“I think it’s a great place setter for future development in Revere,” Upton said.
Boston-based Arrowstreet was the architecture firm for the project. David Bois, principal of Arrowstreet, said the design was trying to be a modern interpretation of the New England beach house. He said 70 percent of the units have water views.