REVERE, Mass. – (Realty News Report) – Hines, along with its partners Belfonti Companies and Bridge Investment Group, has started construction on Revio Revere Beach, a 209-unit multifamily project.
The mid-rise development, located at 646 Ocean Avenue, will have a first-floor retail component.
Named after Revolutionary War patriot Paul Revere, the city of Revere is located about five miles from downtown Boston.
Revio Revere Beach will feature an elevated, outdoor courtyard, a large pool, and roof deck, all overlooking the Atlantic Ocean.
“Highly amenitized buildings have become the new normal, and these amenities are critical to attracting young professionals and empty-nesters looking for living spaces that offer real quality of life. Renters today are also looking for common areas that encourage and foster a social life. Revio Revere Beach offers all that and more,” said Hines Senior Managing Director David Perry.
“It used to be that if people could buy, they would never rent. But today we are seeing a greater influx of renters-by-choice. We are confident that Revio Revere Beach is going to be the first choice for many people, and we expect that the units will lease very quickly,” said Michael Belfonti, CEO and founder of Belfonti Companies, based in Hamden, Connecticut.
Construction is expected to be completed by second quarter of 2024, with pre-leasing efforts to begin at the end of 2023. A construction loan was provided by Santander Bank. This marks the fifth project the bank has helped finance with Hines.
Hines has a significant multifamily construction program underway including a 46-story apartment tower in downtown Houston, a 25-story project in Phoenix and other residential projects around the world.
Hines, founded in Houston in 1957, has a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion.
March 29, 2022 Realty News Report Copyright 2022
Rendering: Courtesy Hines
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