571 Revere is a transit-oriented, new construction development that will create 51 new rental homes for families on a blighted, vacant property. The site is within a 10-minute walk of the Wonderland MBTA station, a five-minute walk of Revere Beach and adjacent to “Waterfront Square,” where the City of Revere has encouraged private investment and economic development through the creation of more than 600 market-rate rental apartments. 571 Revere will complement this investment by expanding housing options for households with a range of incomes.
571 Revere builds upon our successful community development work in Revere, where, since 2010, we have served more than 1,000 residents through our workforce development programs, created 86 new affordable rental homes, funded and built public parks and public art, expanded our workforce development programs of CONNECT, and hosted many community events.
- Anticipated Completion: Spring 2020
- Total Development Cost: $20.3 million
- Development Type: New Construction
- Number of Units: 51
- Affordability: 6 units < 30% AMI, 26 units < 60% AMI, 19 units < 120% AMI
- Development Consultant: Peter Munkenbeck
- Architect: Arrowstreet
- Subordinate Debt: North Suburban HOME Program
- Predevelopment and Acquisition Financing: The Life Initiative, LISC’s Equitable Transit-Oriented Development Accelerator Fund, Community Economic Development Assistance Corporation