Mayor of Revere Signs Casino Deal With Suffolk Downs

According to a report from the Boston Globe, Boston Mayor Thomas M Menino has signed a casino deal with Suffolk Downs that will bring an estimated $32M a year in revenue, and at least 4,000 jobs. The city will receive approximately $33.4M upfront, according to the report. Although the provisions will not be quite as large for the city of Revere, Mayor Dan Rizzo, has signed a similar agreement with Suffolk Down for his city as well.

Great News Revere

As a result of a barrage of last minute negotiations, Mayor Rizzo gave his assent to the agreement which will be posted this week online. If Suffolk Downs wins the Greater Boston Casino lottery, the city of Revere will reap great benefits from their Mayor’s agreement. City Director of Economic Development, John Festa explained that the city of Revere would gain an estimated $15M annually, with a guaranteed yearly payment of $4.25 M to $9M, even if the casino and resort does not meet the projected expectations. Revere will receive a one time upfront payment of $16M.

Revere Lawyer Can Help!

Back in August, Mayor Rizzo shared with the Boston Globe that the jobs which would be created by the proposed billion dollar Suffolk Downs racetrack and casino would be a major lure for the city. He added, “I really do believe the jobs alone could cut our unemployment rate in half.” The Daily Item listed Revere as one of nine North Boston suburbs which were “poised for an economic boom.” Greg Bialecki, the Secretary of Housing and Economic Development for Massachusetts spent over 4 months touring the North Boston suburbs to determine which areas were most likely ready for an economic explosion. He feels that Revere is among those cities that are right on the verge of not only a housing boom, but a business boom as well.

The agreement with the city of Revere has been in the works for several months. Suffolk Downs, along with its partner, Caesars Entertainment has proposed a $1B resort and casino at the track, which would be located on the city line between Revere and Boston. Others who are competing in the lottery for the resort license includes Wynn Resorts, which is attempting to build in Everett, and Foxwoods, who would place their business in Milford. The winner will be chosen at the beginning of next year.  Contact us today for a free consultation:  (781) 289-4235.

Casinos in Revere?

As many New England citizens are aware, casinos are coming to Massachusetts very soon. According to a report from the Boston Globe, however, opening one is not as simple as one would think. The Globe likened the Massachusetts casino licensing sweepstakes to a “very busy craps table” with a lot of confusion thrown in. New England Cable News explains that a “host community agreement” is just one of the many requirements that would be needed before the application deadline on October 4, and the Plainridge Racecourse slots parlor has already obtained that key boost. While new plans for lots parlors are being made in Leominster and Millbury, others may be wondering about placing casinos in Revere.

There are many key points that the gaming commission will be using to decide who they deem fit to hold a casino license in the state. For those looking to open a gambling casino in Revere, a good Revere attorney could help to reach these key objectives in time.

A Revere Attorney for Casino Forms

  • Financial strength of the bidder – a good Revere lawyer can go over your financial records with you and show you areas that may need work.
  • Local traffic and impact mitigation – Finding a location which would have the largest positive impact on the community without disturbing the environment is vital. A good Revere real estate attorney will be key in finding you the best location for your plans for a casino in Revere. Factors such as the design of the casino building, the materials it is built from,  and its architecture will all be considered by the gaming commission.
  • How it helps the community – Included in the factors for positive impact to the community would be, of course, how much profit margin there would be. Other factors will include the number of jobs created by the proposed casino, and how much traffic it could bring to the town.

Complex Forms to work with Casino’s

The mayor of Revere, Dan Rizzo, explained to the Boston Globe that casino jobs are a major lure for the town. He stated that an agreement for the proposed Suffolk Downs casino would be a significant boost to the town’s economy. Good for a total of 15 years, the agreement between the town and the developers of the horse race track would have a “widespread economic impact on the city.” The $1 billion project would bring both financial payments and job opportunities which the mayor feels would be “transformational,” adding, “I really do believe the jobs alone could cut our unemployment rate in half.” (Boston Globe) However, the countdown until the application deadline is fast approaching for Revere casinos, and the process to obtain one is very complicated. Allow this Revere lawyer to look over yours, and help gather any needed information before the time is up.

Economic Boom in Revere

Just in time for the casino licensing sweepstakes in the state of Massachusetts, the town of Revere is reported to be ripe for an economic explosion. According to a post from The Daily Item, Revere is one of nine North Boston suburbs which the Massachusetts chief of economics has named as “poised for an economic boom,” He compared the city’s thriving economy with that of Brooklyn, NY when he stated, “There are those who want to use the analogy of a Brooklyn, and I would say that is not a bad comparison.”

You Need a Revere Lawyer for Real Estate Transactions!

The comparison to Brooklyn stems from the reason for the economic boom of these areas north of Boston. When New York real estate became to over-priced for young professionals, middle class families, and startups, Brooklyn saw a boom in new businesses, housing sales, and other areas of the real estate market. The same is now happening in the areas north of Boston. As prices continue to rise in Boston and Cambridge, real estate in both areas is less and less attainable for those who would otherwise move their homes and businesses to the area. This is causing an explosion of development opportunities for Charleston, East Boston, Somerville, Medford, Everette, Revere, Winthrop, Chelsea, and Malden. A good Revere real estate lawyer can help developers, small businesses, and even families to take advantage of these changes.

Get Ready for the Casino!

Greg Bialecki, the Secretary of Housing and Economic Development has spent the last 4 months touring the areas to the north of Boston, and added Revere to the list of 9 areas which he and other officials feel are ripe for an explosion in not only the housing market but in business as well. This is great news for those hoping to develop a casino, or any other type of business, as well as those looking into purchasing a home or other real estate. Of course, to take full advantage of such an economic boom, one would benefit greatly from the advice of a good Revere attorney.

A lawyer who understands the Economy

Bialecki explained to the Daily Item that, “We’re trying to help get the word out to businesses and investors to think about these places, when they maybe wouldn’t have thought about them in the past.” He expects the “innovation economy” to at least double in the next decade, and feels that Boston and Cambridge will not be able to accommodate the growth. If you would like to discuss taking advantage of this economic explosion, give one of our Revere lawyers a call today.

Real Estate Heating Up In Revere

An economic boom in the areas to the north of Boston is bringing heat to the real estate market in Revere. As explained in an article from The Daily Item, Revere is just one of nine North Boston areas which are poised for an economic explosion. With the high costs of real estate in the city of Boston, middle class families, business, developers and investors are moving their money to these towns where it will go further. Casinos, homes, restaurants, luxury apartments, and much more exciting opportunities are moving into Revere as the real estate market heats up.

Casinos

As Massachusetts paves the way for casinos, Revere’s mayor Dan Rizzo explained to the Boston Globe that the jobs created would be a major lure for the city. A one billion dollar project for a casino and horse race track at Suffolk Downs is already in the works, with a 15 year agreement which will bring in both financial payments and job opportunities. Rizzo stated, “I really do believe the jobs alone could cut our unemployment rate in half.” The process to receive a license to operate a casino will not be an easy one, however. Anyone who is interested in submitting an application for a casino license in Revere would greatly benefit from using a good Revere lawyer to go over the financial and legal aspects of filing the application.

Homes

Another story from the Boston Globe shares a bit of Colonial real estate which is shining bright in Revere. An 84 year old rick colonial home located just across from Revere Beach’s quiet end was recently  named “Home of the Week.” Most of the home’s original features are still intact, including the five-chiming doorbell, oak flooring, light fixtures, and a front mudroom with dual closets. The fireplace in the main entry has been replaced with gas, but is still surrounded by a carve mahogany mantel. This exquisite brick home is just one of the many gorgeous pieces of real state that Revere has to offer. Anyone who is interested in exploring the historic real estate of Revere, Massachusetts should contact one of our Revere real estate attorneys.

Luxury Apartments

The Boston Globe also shares that ground will be broken on a $37 million dollar luxury apartment development on Revere Beach his September. Mayor Dan Rizzo feels that this stretch of land will be the home of many more millions of dollars worth of real estate in the next ten years. Covington Realty Partners has spearheaded the project, which will be located at the corner of Ocean Avenue and Revere Street. Revere is expecting to be the home of at least $500 million in real estate expansions over the next decade. For those who wish to take advantage of the explosion of Revere’s real estate market, we have Revere lawyers on hand to work with you. Give us a call today.