Suffolk Downs Redevelopment
The HYM Investment Group, LLC announced that it has completed the purchase of Suffolk Downs, a site located adjacent to two stops on the MBTA’s Blue Line. HYM’s vision for the underutilized horse racing facility, which will close after the summer of 2018, is to transform the land into a highly-resilient, transit-oriented, mixed-use development with commercial office, retail, housing, and open space. This 161-acre site has been separated from the community for decades and will be reconnected to the adjacent neighborhoods. The powerful new economic hub will include hotels, street-front retail, restaurants and will generate new jobs, new local tax revenues and create a destination that is significant for the futures of both East Boston and Revere.
“In our dozens of preliminary meetings with elected officials and local community stakeholders in East Boston and Revere recently, we consistently heard that local residents want retail, restaurants and new job opportunities. This development will provide all, while also setting aside a significant amount of the site for open space and providing better connections to the neighborhood. We are looking forward to engaging the communities of both East Boston and Revere as we move forward with this transformative opportunity,” said Thomas N. O’Brien, Founding Partner and Managing Director of The HYM Investment Group.
Plans for Suffolk Downs will rely on forward-thinking principles to effectively manage for climate change and sea-level rise. Consisting of several phases, the development will build street-level retail and housing first.
The site is located in both the cities of East Boston and Revere and is next to the Suffolk Downs and the Beachmont MBTA Blue Line stations, two stops from Logan Airport and 10 minutes from downtown Boston.