REVERE /Massachusetts Newswire/ — Governor Deval Patrick, Congressman Ed Markey, Speaker Robert DeLeo and Mayor Tom Ambrosino today announced plans to construct the Wonderland parking garage project in Revere. A mix of American Recovery and Reinvestment Act (ARRA) and MBTA bond revenue financing will fund the project. The funding plan gives the green light to the planned 9-story, 1,900 space South Garage Parking Facility at Wonderland station that is ready to begin construction in 2010 and will support Waterfront Square, a critical smart growth and transit-oriented development project.
“I am proud to stand here today with Congressman Markey to launch a project that will create jobs for today and tomorrow and bring long-term economic benefits to the city of Revere,” said Governor Patrick. “The Wonderland parking garage will improve access to the MBTA and bolster the Waterfront Square development, a project that promises to ignite new housing and commercial opportunities in this vital community.”
“The Wonderland Station project is at the heart of what the Economic Recovery Act is all about, putting people back to work in the near term while creating hundreds of permanent jobs right here in Revere,” said Congessman Markey, the dean of the Massachusetts congressional delegation. “This project will build from strength to strength, creating thousands of construction jobs, while paving the way for hundreds of permanent jobs as we create a world-class development at Waterfront Square.”
“This project will rejuvenate a vital section of Revere and provide jobs at a time when we need them most,” said House Speaker DeLeo. “I’m happy that the project has received the necessary funding to help transform this area into a transportation hub that will provide easier access to points in Greater Boston and beyond.”
“This is a great example of federal, state and municipal government coming together to support the long-term economic development of the City of Revere,” said Mayor Ambrosino. “I want to thank Governor Patrick and Congressman Markey for supporting this transformational project which has been a top priority of mine for many years.”
The garage is a cornerstone project that will improve access to the MBTA and support the Waterfront Square development, one of the premiere transit oriented developments planned and promoted by the Commonwealth under the leadership of Governor Patrick, Congressman Markey, Speaker DeLeo, legislators and the City of Revere. It is a planned mixed-use community of 902 residential units, 145,500 square feet of office space, a 100-room hotel and 28,000 square feet of retail space. An estimated nearly 700 permanent jobs will be created as a result of the Waterfront Square project, and the parking garage stands to create 500 construction jobs.
“The combination of state and federal funds is vital to the completion of the Wonderland Garage project which will serve as a catalyst for economic development on Revere Beach. This is a great use of stimulus funds and displays Governor Patrick’s commitment to creating jobs in the Commonwealth,” said Senator Anthony Petrucelli.
“I want to thank the Governor for responding to the strong advocacy by Mayor Ambrosino and the local elected officials in Revere who have taken a lead in creating sorely needed long term economic development opportunities for Revere and surrounding areas. This investment, in partnership with local government, will hopefully trigger hundreds of millions of dollars of broader economic development and investment which will bring in needed revenue many years into the future,” said Senator Anthony Galluccio.
“I am thrilled that this plan for redevelopment will be realized so soon,” said Representative Kathi-Anne Reinstein. “The City of Revere stands to benefit greatly from this incredible investment.”
On Wendesday, December 2, the Massachusetts Department of Transportation Board authorized the award of $22.7 million in federal ARRA grant funding, and $11.3 million in MBTA bond revenue financing toward the project. This additional funding supplements federal earmarks and other state funding allocated for the Wonderland Transit Oriented Development project, which the Board authorized in 2008.
The total garage construction budget is $47 million. In addition to the ARRA funding and MBTA bond revenue, the project’s financing plan calls for capital support through $3 million in remaining federal Surface Transportation earmarks and $10 million from a Commonwealth of Massachusetts MORE grant awarded to the City of Revere. Financial analyses undertaken indicate that parking revenues derived from the new garage will exceed the cost of the MBTA’s borrowing of the $11.3 million and, in fact, will generate additional net revenues.