525 Beach Street, Revere

525 Beach is Chelsea Neighborhood Developers’ latest development proposal in Revere’s Shirley Avenue neighborhood and holds great potential for the City and its residents. The proposal evolved from a lengthy community engagement process that began in 2009 with the City of Revere’s Shirley Avenue Gateway Initiative, which identified 525 Beach Street as a targeted site for new housing and CND as an excellent candidate to undertake the project. It builds on several recent investments in the neighborhood by CND, including the redevelopment of the Walden Street fire station for affordable housing for seniors and the renovation of Costa Park for children.

525 Beach will feature 30 affordable rental apartments for families in a four-story building, with a mix of one-, two- and three-bedroom units. The healthy, green property will be EnergyStar certified and LEED certifiable. All of the apartments will be reserved for households with low to moderate incomes. For example, eligibility for a family of four requires a household income no greater than $58,000.

CND proposes to demolish the existing vacant, dilapidated one-story warehouse and construct the new residential building in its place. CND has extensive experience in effectively returning urban infill sites to productive use as healthy, affordable homes. Our plan would significantly increase the amount of open space on the site and replace the last industrial property on the block with apartments that are much more compatible with the surrounding neighborhood.

During the past six months, CND staff have met with neighborhood residents in one-on-one and community meetings, and we have been very encouraged and appreciative of the support we have received for the proposal. 525 Beach is now in the predevelopment phase and CND hopes to begin construction in spring 2013. For more information about the neighborhood and the project, please follow these links to read a letter of support from city residents on the Revere Community Committee, the City’s Shirley Avenue Gateway study and the City’s five-year strategic plan, which identifies the development and improvement of low income rental housing as a five year priority need for the City.

Total Development Cost: $9.85 million (approximate)

Development Type: New construction

Number of Units: 30

Affordability: At or below 60 percent of area median income

Developer/Sponsor: Chelsea Neighborhood Developers, Inc.

Development Consultants: Peter Munkenbeck, Michael Jacobs and David Koven

Owner: 525 Beach Street Limited Partnership

Architect: ICON architecture, Inc.

Property Manager: Winn Residential