Hines forms JV with Belfonti Cos. and Bridge Investment Group

Hines has entered into a joint venture with Belfonti Cos. and Bridge Investment Group for the acquisition of a development site at 646 Ocean Avenue in Revere, Mass. The 1.4-acre site is the last developable site on Revere Beach.

Hines, Belfonti and Bridge plan to develop a 209-unit beachfront apartment community on the site. The project will include an elevated, outdoor courtyard and pool overlooking the Atlantic Ocean, structured parking, gym and retail component.

“When the Belfonti Companies introduced us to this opportunity, we immediately recognized the potential of this development site. We are excited about working together with Bridge Investment Group and Belfonti to create a superior residential community in an oceanfront location with convenient access to downtown Boston,” said David Perry, Hines’ senior managing director.

According to Michael Belfonti, CEO and founder of Belfonti Cos., “The property’s location is its best amenity. Not only wi