When Revere developer Michael Venditto got approval some two years ago to build a nice new multi-use building on the Revere Dairy site on Broadway, he was handed a permit with some 17 conditions.
Now, the building still isn’t built and the conditions have become so restrictive that Venditto isn’t sure if he’ll even be able to construct the building. Part of the problem, he said, is that he is hamstrung by a condition that only allows him to accept certain commercial businesses and forces him to make the units condos rather than apartments.
“The banks don’t like these restrictions at all,” he said. “They’re very hesitant to finance the project simply because of the restrictions. They don’t want to see me carrying empty commercial spaces and paying taxes on condos that won’t sell right away.”
Monday night he will be before the Council and he is expected to get a lukewarm, if not cold, reception. He is asking the Council to give him three extra feet on his permit, letting him build up to 39 feet rather than 36 feet. Zoning allows buildings to be 50 feet on Broadway.
Last year, he attempted to get three of the restrictions amended in order to pacify his finaciers. However, he did not get that relief.
If things go the same way, Venditto said his frustration is at a level that he will just turn away from the project.
“It’s at a point where I don’t think I can build,” he said. “If I don’t, I will have to lease out the dairy and leave the property as is. This will be a beautiful building and I’m happy to do a lot of the things asked of me, but I can’t build it with some of these restrictions.”