When the planned auction last week was put off for the property along the center of the beach crescent known as Ocean Club, it was the surest sign that Ocean Club’s architect and chief developer Steve Fustolo would be given enough time and the legal tools necessary to re-organize the entity which owns the development.
Re-organizing is what many major corporations have been forced to do since the economy was turned upside down last year – when banks stopped lending and every form of expansion and new development was brought to a screeching halt.
This is what Fustolo faced during the dark times in the past 12 months.
By re-organizing, by seeking the protection of the court, he will now have the tools in hand to bring Ocean Club back into play as this city’s major real estate development possibility – bad economy or not.
Fustolo’s unwillingness to give up on his development at all costs is admirable.
It says something about his desire.
Revere Beach with Fustolo’s dream rising is a far better place than without the Ocean Club.
Fustolo still faces harsh marketplace realities.
However his determination to date has carried him further to his goal than he thought he would ever come.
When Steve Fustolo finally breaks ground on this project, it will signal the beginning of the most ambitious project ever to be built on the beach – and it will cause others to re-think about developing other projects on the beach.
We want to believe Fustolo can achieve his dream.
Only time will tell.