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n the heart of East Boston and Revere, a transformative real estate project is unfolding on the former Suffolk Downs horse racing track. Spanning 161 acres, this ambitious redevelopment will reshape the site into a vibrant mixed-use neighborhood, boasting an estimated 16.2 million square feet of space.
At the helm of this massive undertaking are key players from various industries. The HYM Investment Group serves as the primary developer, overseeing master planning and project execution. Cathexis brings strategic insights and financial backing, while National Real Estate Advisors contributes significant investment and expertise to ensure timely delivery of residential components.
Design firms CBT, Stoss, Beals + Thomas, VHB, and Arup are collaborating on various aspects of the project, including architecture, landscape design, transportation planning, and sustainable solutions. General contractors John Moriarty & Associates and Suffolk Construction will bring the vision to life, constructing residential buildings, life sciences facilities, and large-scale infrastructure.
As the project's real estate broker, JLL is handling leasing and sales efforts for both residential and commercial spaces. CBRE is also involved in marketing office and retail space to potential tenants.
The redevelopment of Suffolk Downs is a multi-phase endeavor, set to unfold over two decades. Key milestones include the groundbreaking in May 2022, with the first residential component, Amaya, scheduled for completion by mid-2024. The 100 Salt Street life science facility will follow suit, with an expected completion date by the end of 2023.
The project's financial impact is substantial, with an estimated $10 billion investment and the creation of 22,000 permanent jobs in life sciences, manufacturing, and retail sectors. Additionally, Suffolk Downs will provide 20% affordable housing, amounting to approximately 930 units on-site and 500 off-site.
Beyond its economic benefits, the project will enhance local transportation infrastructure, including improvements to the MBTA Blue Line and bus stations. Bike paths and walking trails will be integrated into the development, making it more accessible. The project also includes 40 acres of public parks and recreational areas, designed to complement the area's natural wetlands and beaches.
As construction continues, Suffolk Downs is poised to become a significant urban destination in Boston and its surrounding areas. This massive redevelopment will create a lasting legacy, offering a dynamic live-work environment that fosters economic growth, community engagement, and sustainability.
