Eurovest, a local development firm, recently was selected to lead the development of an 11-acre, $500 million dollar project at the Wonderland beachfront area.

According to the Boston Globe, “The $485 million proposal includes 902 market-rate residential condominiums, a hotel, an office building, shops, restaurants and jazz clubs, a 12,000-square foot cultural center, and parks and plazas to connect the train station and Revere Beach. When completed in 2019 , the development would produce an estimated $10.5 million annually in taxes and fees for the city and could lead to the creation of 850 permanent jobs.”

The model of development they will be following is transient oriented similar to that of the Northpoint project in East Cambridge.  What this means is that they will incorporate commercial and residential building centered around public transportation.

My Thoughts: I am excited to see all of this development happening in the Revere Beach area.  It was once a center of entertainment and fun and I think could be again if properly planned.  They are doing the right thing by centering this around public transportation because that is what will make or break this project.  The idea of living on a beach in a brand new luxury condo and being only a short 10-15 minute T ride to downtown should appeal to lots of people.

Source:  Eurovest to lead Wonderland project By Katheleen Conti, Globe Staff