The new parking garage going up at Wonderland is what it took to save an entire mixed use development of gargantuan potential.
The Eurovest Company has emerged intact from the national recession. Eurovest is the local company developing the Ocean Avenue acreage, which began its efforts to raise money and to create the proper development the city would consider.
In a dramatic and close competition with others who also made a great effort, Eurovest came out on top. The company received the go ahead just as the economy collapsed.
Then government stepped in and because of the mayor’s relationship with the governor, and with Congressman Ed Market, he was able to get the millions needed for the garage, which is the anchor of the development at this point in time.
When the garage is completed, a dramatic open public space leading down to the beach will fit into place and then the real development is expected to follow.
Mind you, it remains a difficult time to develop anything, let alone a large stretch of Ocean Avenue.
But it is going to be done.
In short order we will see the open space and walkway to the beach followed by a hotel and retail and commercial space as well as residential housing and condominiums.
This won’t happen overnight but it is going to happen.
The fact that this state may actually approve legislation allowing expanded gambling in July would be another boost for this development project.
A casino at Suffolk Downs could give this development on Ocean Avenue a new reason to exist.
It’s proximity to the possible casino and its proximity to the Atlantic Ocean front is a prescription for success.
So if it is done right – and we have every reason to believe Eurovest is up to that task – the development behind Wonderland could end up being a giant success.
Obviously, there remain serious hurdles to overcome. Everything to be built requires that everything makes sense economically.
Eurovest can’t just build condominiums that cost more to build than they can be sold for.
The same goes for commercial aspects of the venture.
They can’t build a hotel that costs more than the debt reduction and taxes that will have to be paid.
However, the potential of this development far outweighs any of the risks.
We urge Eurovest to go for it, entirely, unabashed.
Eurovest has everything to gain.