January
2010
The 242 unit project that was set to bring a new look and development to Revere Beach is back to the auction block in just under two years. The auction took place this morning (January 27th) as Paul E. Saperstein Company will look to sell the 2.1 acres of oceanfront property. Steven Fustolo’s Ocean Club was intended to be a 13-story complex with pools, gardens, large windows, bamboo floors and first rate finishes. It was going to bring a Miami feel to the Revere Beach area. It was a beautiful plan for a luxury complex and he even pre sold a penthouse unit for over $3 million and a couple other million dollar units. Just as things were looking up for Fustolo, the market crashed and he could not get a sizeable condominium construction loan. Other developments were closing their deals for big developments right before Fustolo could receive his. It was just a bad timing issue for Fustolo, I think that building could have been a big step to cleaning up the Revere Beach area. It will be interesting to see what is next for the 2.1 acres of waterfront land. Auction was held this morning we will keep you updated. For more information please contact AnthonyJRich@gmail.com
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