THE VANGUARD AT WATERFRONT SQUARE GROUND BREAKING First Phase of Wonderland Transit Oriented Development Begins
November 25, 2013
This past week Real Estate Capital Partners, Covington Realty Partners LLC, and Minco Development Corporation broke ground at "The Vanguard at Waterfront Square", a 194-unit luxury rental apartment community on the waterfront in Revere. The groundbreaking occurred this past Friday, November 22, 2013.
Covington and RECAP, through its Metropolitan Opportunity Fund III, LP, acquired the 1.65 acre site at 660-674 Ocean Avenue, previously used as a parking lot, from Eurovest Development for $4,850,000. The total estimated project cost at full build out is approximately $41.7 million.
The Vanguard will be the first project to be developed as part of the Waterfront Square TOD (transit-oriented development) master plan. The master development plan includes approximately 900 residences, offices, hotels and retail stores and restaurants. In addition, over 5 acres of public plazas and open space is being planned as well as access to the Revere Beach oceanfront via the Markey Pedestrian Bridge. The project is located immediately adjacent to the Wonderland MBTA (Massachusetts Bay Transit Authority) Subway station (Blue Line), which provides rail service to downtown Boston and Logan Airport (4.2 miles). The Vanguard will provide residents with a unique opportunity to live right on the Atlantic Ocean and commute to downtown Boston in less than 20 minutes.
“Starting construction on this very imposing structure marks the third major milestone on the City of Revere’s road to achieving this long awaited transformational development at the heart of our historic beach. Over the past 18 months we have opened the new state of the art Wonderland transit center and parking garage, along with the Markey Pedestrian Bridge and public plaza that is connected to the Wonderland facility. Now the Vanguard, begins the first phase of the Waterfront Square project, a master planned mixed-use private development, with significant public features, that when complete will stretch from Revere Street to our new signature bridge and plaza. We believe this nearly $42 Million investment speaks volumes about Revere’s untapped potential. It sets a very high standard of design and quality for the rest of Waterfront Square project…and, in fact, for future development all along our magnificent nearly 3 mile shoreline.” stated Mayor Rizzo.
Speaking at the groundbreaking ceremony, Gregory Bialecki, Massachusetts Secretary of Housing and Economic Development added: “Projects like this continue to spur economic development all across the Commonwealth,” said Housing and Economic Development Secretary Greg Bialecki. “Businesses follow residents and when we make key investments in new residential developments and infrastructure projects near public transportation, we help create communities where people can live, work, and play.
The Vanguard will comprise of two elevator buildings with a total of 144,443 square feet including a clubhouse complex. An outdoor pool will offer unobstructed ocean views. The 194 apartments, with an average of 725 SF, will include 142 one-bedroom units, 47 two-bedroom units, and five residences with three bedrooms.
“We are very excited to have the opportunity to invest in a unique project like Vanguard at Waterfront Square,” said Jorge Rojas, Assistant Vice President, RECAP. “We believe it will add to the vibrancy of Revere Beach and trigger subsequent phases of the Waterfront Square TOD master plan. This will be the first rental multifamily property constructed within the master planned area.”
Covington is currently partnering with RECAP on another apartment development, The Vanguard Crossing (University City (St. Louis), Missouri); the company’s principals partnered with RECAP on two previous development projects that have gone through the entire investment cycle. For this project, Covington is teaming up with Minco Development Corporation, an experienced Boston developer that is assisting with permitting and approvals.