Council Will Vote Monday on New 72-Unit Condominium Project in North Revere

Mike Vienneau, managing partner at Broadway Capital, turned a defunct nursing home in Chelsea into a spectacular 33-unit condominium project that sold out quickly. The project at 932 Broadway drew plaudits from the neighbors for helping to transform and beautify the area.

Vienneau will try to accomplish the same goal at the former site of the Annemark Nursing Home at 133 Salem Street in North Revere.

Vienneau is proposing a 72-unit luxury condominium project for the property. The City Council will discuss the project during a subcommittee meeting Monday and likely vote on the project at its regular meeting.

Ward 6 Councillor Richard Serino has voiced his support for the 133 Salem Street  project (see sidebar) that will have all owner-occupied (no rentals) condominiums as requested by Mayor Brian Arrigo and the City of Revere.

During a tour of the site with the Revere Journal, Vienneau said all the utilities, mechanical, electrical, and plumbing will all be redone for the building. All units in the building will have their own electric heating system. There will be two elevators inside the building, 103 parking spaces for residents, and an outdoor courtyard behind the building.

Vienneau said the property at 133 Salem St. was purchased for $4.5 million. “We’re estimating construction costs to be $13-15 million,” he said. “We have a full landscaping plan which was one of the requests at the last City Council meeting.”

Vienneau expects condominium prices to range from the high $200,000s to the mid-$500,000-to-low $600,000 range. There will be studio, one-bedroom, and two-bedroom condominiums.

 â€œI think this project will be a great use for the space,” said Vienneau. “Based on the neighborhood feedback, the main concern right now is traffic. We’ve completed a traffic study, and the results of the impacts were minimal to the neighborhood.”

Ward 6 Councillor Serino Supports New Condo Project

Ward 6 Councillor Richard Serino has expressed his support for the proposed 72-unit luxury condominium project to be located at 133 Salem St. in North Revere.

Serino and his colleagues on the Council are expected to vote on the project at the April 11 Council meeting.

Following is Councillor Serino’s statement:

“Over the past couple of months, Broadway Capital has engaged North Revere residents by hosting two neighborhood meetings and has been present at two public meetings regarding their proposal.

Neighborhood input from North Revere residents has been taken into consideration, and the developer has worked to mitigate concerns brought up by residents during this process, including increasing parking.

I have long been apprehensive about sticking residential units where I do not believe they belong; however, this site is different and unique in that the building has been utilized as a residential setting for more than 30 years.

Working together with the neighborhood, I believe this owner-occupied condominium project will update the unsightly building that currently exists into a more modern and appealing light, enhancing North Revere and our city overall.”