Transformational is the best way to describe development in Revere
When it comes to Revere’s economic development in 2018, it’s safe to say that the proposed development of Suffolk Downs was the biggest story.
A 151-arce site situated in Revere and East Boston, the Suffolk Downs property, under the watchful eyes of the developer, the HYM Investment Group, will mold the area into a new community, with Beachmont Square and Belle Isle Square serving as the front door to the development.
“We have used the word ‘transformational’ to describe this project, and that is no overstatement. Phase One alone will constitute the most ambitious development project in the city’s history and will have tremendous influence on our city’s economy and recreational environment,” said Mayor Brian Arrigo.
The first phase of the development as a whole will begin in Revere, since the city was able to complete the permitting process. In November 2018 the City Council approved the entire planned urban development site (PUD).
There will be close to 1.5 million square feet of development. Construction is expected to begin by the end of 2019. Between now and then there will be the demolition of the horse barns and the preparation of the development.
The construction phase is expected to start in late 2019 or early 2020.
In other development around the city, there are about 30 projects underway in various stages; almost 23 could see completion this year. Some like Ocean 650, the Beach Club, property on Dehon Street and the Gate Residential on Revere Beach Parkway is just about complete.
The XSS Hotel near the old China Lantern site on Ocean Ave., a tandem hotel to the Gate property, will get underway. Holiday Inn and Staybridge Suites are planned with a shared lobby, amenities and facilities on the Beach.