Revere project gets $47m jump-start

The public aid will finance a 1,900-space parking garage for the $500 million Waterfront Square project, a seven-building complex near Revere Beach. About one-third of the spaces will be used for the development, the remainder for commuters who use the Wonderland MBTA station.

Waterfront Square is the latest beneficiary of Patrick’s policy to target federal stimulus money at public works projects connected to large private developments, hoping to generate more jobs and larger economic gains. The administration has provided funding for infrastructure improvements for a large project in Assembly Square in Somerville and for a new ramp connecting Route 24 to a business park in Fall River.

At an event in Revere yesterday, the governor said the Waterfront Square garage is a wise use of stimulus money.

“This garage is important in the jobs it creates during construction and because of the economic development it unlocks closer to the beach,’’ Patrick said.

However, Waterfront Square still faces several obstacles before construction can begin. Revere officials have yet to acquire the 9 acres of state land on which it would be built, and the developer, Eurovest Development Inc. of Boston, must still line up financing to move the project forward.

Construction on the garage will start next year. State officials hope that by moving this component of the project forward, Eurovest will be in a better position to begin building once the economy recovers.

US Representative Edward Markey called successful construction of Waterfront Square “the centerpiece’’ of Revere’s future.

“This project will make it possible not just to have the new development here, but for all the rest of this beach to be completely redeveloped in a way that will transform this city,’’ Markey said.

The Revere announcement came days after Patrick was criticized for wanting to use $9 million in stimulus funds to build a footbridge over Route 1 in Foxborough that would have connected properties owned by Robert Kraft, chairman and CEO of the New England Patriots. Administration officials withdrew the funding last week saying they were not sure the footbridge would be ready for construction by the end of February, deadline for allocation of stimulus money.

Yesterday evening, a Patrick administration official said federal officials expressed concerns about the appearance of using federal stimulus money to build the bridge.

“It’s fair to say that federal highway had concerns,’’ said Jeffrey Mullan, state transportation secretary. “They didn’t like the fact that it was on the list.’’Critics had questioned the use of the money for a private project and worried it would provide little public benefit. But Patrick defended the funding for the footbridge earlier yesterday, saying it would have spurred private development that will create jobs.

“I don’t think that’s a misstep at all,’’ he said of the Foxborough project. “That bridge opens up 1.5 million square feet of commercial office development. It’s the largest single commercial development plot we have in the Commonwealth.’’

At Waterfront Square, the state will use $22.7 million in federal stimulus money, and kick in another $11.3 million that the MBTA will borrow. The balance of the cost will be funded with state and federal grants.

The completion of the nine-story garage - along with relocation of busways that serve Wonderland Station - will open up land needed for Waterfront Square. The project would be built in two phases. First would be a pair of 16-story buildings across from Wonderland station that would include a 100-room hotel, 150 condominiums, and 145,000 square feet of offices, parking, and stores. The second phase is five condominium or apartment buildings on adjacent property along the beach, although Eurovest founder Joseph DiGangi said those buildings could become offices, depending on market conditions at the time.

Revere Mayor Tom Ambrosino said yesterday city officials are negotiating with the state to acquire the land. He acknowledged Revere has a lot of work ahead of it, but expressed confidence the work will eventually begin.

“Those lots will get developed,’’ Ambrosino said. “It’s prime beachfront property.’’

Casey Ross can be reached at cross@globe.com.