Hines JV Starts Construction on Suburban Boston Apartments
The firm partnered with Belfonti Cos. and Bridge Investment Group to develop the 209-unit property.
Real estate firm Hines and joint venture partners Belfonti Cos. LLC and Bridge Investment Group have launched construction of Revio Revere Beach, a new Class A multifamily development in Revere, Mass. Hines also closed a construction loan with Santander Bank, the fifth Hines project on which the bank has helped provide financing.
Bearing an address of 646 Ocean Ave., the apartment community will offer 209 apartments as well as a first-floor retail component. Apartments will feature high-end finishes and floorplans. More than 20,000 square feet of the project is reserved for amenities, among them an elevated outdoor courtyard overlooking the Atlantic Ocean.
Marketing and pre-leasing initiatives will begin in late 2023, with construction slated to be complete by the second quarter of 2024.
“The biggest challenges to date have been designing a building during times of COVID when in-person meetings have been limited,” Sean Sacks, Hines managing director, told Multi-Housing News. He noted additional headwinds included the last one to two years’ substantial construction cost escalation, as well as the obstacles of developing a resilient and sustainable building primarily heated and cooled by electricity.
To address cost escalation, the partners were required to value engineer more than usual. “And through the design process, we were able to increase overall net rentable square footage to increase the value of the project to help offset some of the cost increases,” he said. “For resiliency and green building, (the team is) proud to have designed a building where all the heating and cooling for the apartments is electric, using heat pumps and a solar-ready roof to provide some of the electricity at the property itself.”
Hines and partners also raised the building and ground floor lobby and retail by several feet to ensure the finished ground floor spaces would offer greater flood resistance.
Last month, Hines topped off a mixed-use luxury development in the Mile High City.