HYM Investment Group, Cathexis, National Property Advisers break ground on historic Suffolk Downs redevelopment

REVERE – Revere Mayor Brian Arrigo along with Revere and Boston City officials, joined leaders from The HYM Investment Group (“HYM”), Cathexis and National Real Estate Advisors (“National”) to innovate on the former Suffolk Downs Racecourse site.

The event marks the beginning of the transformation of the underutilized 161-acre site into a thriving neighborhood and mixed-use community. Spanning two cities, the Suffolk Downs development is one of the largest real estate projects in Massachusetts history and will eventually offer 16.2 million square feet of development, including 10,000 apartments and condominiums, 5, 2 million square feet of life science and commercial office space, 450,000 square feet of retail and civic space, and 40 acres of parks and open space.

The project will ultimately provide the largest housing creation by redevelopment project in Boston’s history. The groundbreaking also marks the official launch of a joint venture partnership between National and HYM on the initial residential components of the redevelopment. National’s participation in the project will enable the delivery of nearly 4 million square feet of residential development, or 4,200 units, to be built in Suffolk Downs over the next 8 years.

The inauguration today of a new life sciences building and a new residential building is only the beginning of the first phase of this historic project. 100 Salt Street, a 280,000 square foot life sciences laboratory and biofabrication facility adjacent to MBTA Beachmont Station, will be the first purpose-built large-scale laboratory and biofabrication space in the City of Revere and will provide the Grand Revere community with access to thousands of permanent jobs in Massachusetts’ thriving life sciences industry. The 100 Salt Street Life Science building, in addition to its life science lab floors, has two biomanufacturing-ready floors, which will provide a unique advantage to a life science tenant by allowing them to produce small batches of pharmaceutical drugs in the same space as his business. Headquarter. Additionally, 100 Salt Street has retail and dining space on the ground floor. Amaya, a 475 apartment building, is the first of several residential buildings planned for Suffolk Downs. The building will feature 34,000 SF of amenities, 24,000 RSF of ground-floor retail, and a mix of unit types ranging from micro-studios to 2-bedrooms.

100 Salt Street, designed by Elkus Manfredi Architects, will be completed by the end of 2023 with tenants moving in throughout 2024. Amaya, designed by ICON Architecture, will complete construction in Q2 2024 and residents will move into that time.

This new mixed-use neighborhood will attract employers from growing industries and create a truly vibrant living and working environment for residents of Revere and East Boston. The redevelopment of Suffolk Downs is expected to create 22,000 new permanent jobs in laboratories, manufacturing and retail space and over 18,000 new construction jobs over the next two decades. Through an unprecedented Project Labor Agreement (PLA) that will ensure this project will be built by unions, a $2 million fund has been created to specifically prepare local residents to join the future workforce of Suffolk Downs and sets out several key equity and inclusion provisions that will bring more women and people of color into the trades.

“The groundbreaking at Suffolk Downs marks an exciting new chapter for the economic development of Revere,” said Mayor Brian Arrigo. “Suffolk Downs will create a new commercial hub that will connect Revere residents to the jobs of the future; we are thrilled to finally be an active participant in the burgeoning ecosystem of life sciences.

“Today we celebrate the power of teamwork and a new chapter for Suffolk Downs. Together with the communities of Revere and East Boston, we are creating a new, inclusive and equitable neighborhood from the ground up,” said said Thomas N. O’Brien, Founding Partner and Managing Director of The HYM Investment Group, “Suffolk Downs is setting a new standard for sustainability, job creation, affordable housing and open public spaces.”

“We are proud to be part of this momentous occasion,” said Jonathan Moy of Cathexis.

“We look forward to deepening our roots within the growing Greater Boston community and being part of the transformative redevelopment of Suffolk Downs,” said Jeffrey Kanne, President and CEO of National. “Projects of this scope, vision and complexity can only be realized with excellent, skilled partners in place. We are delighted to strengthen our partnership with The HYM Investment Group while creating good jobs and working to produce attractive returns for our institutional clients.

The Suffolk Downs project team is committed to ensuring that those who live, work and play on the redeveloped Suffolk Downs site have access to high quality, accessible transport options. There will be significant upgrades to the MBTA Blue Line and bus stations and a cohesive internal network of bike paths and walking paths that will connect all the activities the new neighborhood has to offer. Residents and visitors will also have access to 40 acres of new open space and parkland that incorporates beautiful on-site wetlands and complements the neighborhood’s natural assets of Belle Isle Marsh, Revere Beach and Constitution Beach.

The design principles of resilience and sustainability have been at the forefront of Suffolk Downs’ design master plan. With our partners CBT, Stoss, Beals + Thomas, VHB and Arup, the site was recently awarded the 2022 AIA Regional and Urban Design Award. Suffolk Downs exceeds current energy code and LEED requirements in accordance with the City of Boston’s goals to achieve net zero development by 2050.

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