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A Chicago real estate firm will break ground on a $37 million, 194-unit luxury apartment complex at Revere Beach in September, marking the first private development along a 9-acre strip of land where the city has estimated that up to $500 million in investments will occur in the next decade.
“I think it’s a catalyst that will bring a lot of future development,” said Mayor Dan Rizzo.
Covington Realty Partners, which plans to build the luxury apartments on a 1.25-acre lot at the corner of Ocean Avenue and Revere Street, could not be reached for comment. According to its website, Covington has acquired more than $3 billion in real estate and has developed and constructed 16,000 residential units.
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