Arrigo Welcomes Revere’s Newest Condo-Owners

Special to the Journal

Revere Mayor Brian Arrigo welcomed 18 new condominium owners at 1133 North Shore Road, Revere’s newest condominium development, during a July 7 ribbon-cutting ceremony. 

The new 18-unit condo project was several years in the making and was designated as a “transit-oriented development” prior to Governor Charlie Baker’s new legislation.

Consisting of 18 condos – 12 two-bedroom and six one-bedroom –  this “3-over-1 wood-frame construction” sold out in one weekend.

Built by Revere residents and local developers ARM Construction, Rob and John Nakashian were happy to get the project completed in light of the fact that the pandemic curtailed the project for 2 years. Once completed, the developers turned to Lou Markakis, president of Lynnway Associates and Broker Associate with Century 21Northeast (Revere), to handle the sales and marketing. With assistance from Peggy Pratt, also of C21NE, the marketing team successfully put 18 of the 18 units “under agreement” and have since closed on the first 14 units, with 4 more “Under Agreement” set to close in July and August. 

Mayor Brian Arrigo stated, “ I was happy to support this project where (then Councilor) John Powers recommended a condominium project versus more apartments. Anytime we have folks moving into the city that can add dollars to our tax base and provide owner-occupied status is preferred.

Powers, who was instrumental in seeing the project through to completion, said that “one of the factors I looked at to determine my position was that there were no three-bedroom units and each one had to have at least one deeded off-street parking space under the building. “These working professionals will bring added disposable income to Revere,” said Powers. “Hopefully, they will spend their dollars locally while adding to our residential tax base.”

Markakis represented both sellers (consisting of two owners with two separate buildings) and the buyers with whom Markakis had previously worked at 123 Shirley Avenue, the former synagogue transformed into veterans- preference housing – the first of its kind.  

Markakis stated,” It was easy to match up the right developers who had been seeking another local project.”  ARM Construction, located at 787 North Shore Road, wanted something local which is actually a stone’s throw from their headquarters.

Markakis stated, “We knew that we had something special in that there was high demand and no supply for new construction condominiums. We have a nice mix of working professionals, some who commute to Boston while others are working remotely from home.”  

From the project’s inception in 2017, then- Councilor John Powers was pushing for condos versus another apartment complex, where he thought Revere had enough. With Councilor Powers’ support, the project came into being.

The ribbon-cutting was well attended by unit owners, elected officials such aas Mayor Arrigo, Council President Gerry Visconti, Councilor Ira Novoselsky, and former Councilors Tony Zambuto and John Powers.