On Monday, July 24, the Revere City Council voted to approve a Special Permit for the construction of the forthcoming Revere Beach Hotel, a 9-story hotel featuring an 80-seat restaurant with oceanfront views and a ground-level café.
The Hotel, on the site of the current Shipwreck Lounge at 49-54 Revere Beach Boulevard, will represent the largest commercial-only development on Revere Beach in over 20 years.
The development group behind this proposal, JBX Developers, have a successful background in hotel development, including the operation of a 492-room Holiday Inn in Manhattan’s financial district. The group also has numerous holdings in China and in the Seattle area.
“With convenient access to public transit, the Seaport District, and the Airport, the Revere Beach Hotel will transform a blighted property into an asset for the city,” said Mayor Brian Arrigo. “Its attractive first floor and restaurant uses will activate Revere Beach Boulevard and Ocean Avenue.”
“These are the kinds of high-quality amenities Revere residents have sought for our community. It’s exciting to see this kind of commercial investment taking place in Revere.”
It is estimated that the Revere Beach Hotel will yield $400,000 per year in tax revenue to the city, compared to the $20,000 per year paid by the site currently. In addition, the project will contribute an estimated $300,000 in mitigation to the community investment trust fund.