HYM Investments sees Investment Potential in East Boston
For Boston-based developer HYM Investment Group, opportunity is knocking in East Boston. The developer recently acquired Suffolk Downs in East Boston, which is a 161-acre property that HYM Investment Groups envisions as a mixed-use space. Recently, the same company purchased another parcel of land, about a mile down the road from Suffolk Downs, which it plans to turn into a residential complex with 300 housing units.
HYM Investment Group is managed by Thomas O'Brien, the former director of the Boston Redevelopment Authority. O'Brien, and HYM Investment, have focused their attention in recent years on redeveloping properties in Boston that are vacant, unused, or in need of restoration. In addition to Suffolk Downs and the upcoming housing unit in East Boston, the company has backed some of the largest mixed-use redevelopment projects in Boston. HYM Investment will not disclose the price that it purchased the East Boston lot for, but sources in the real estate industry indicate an approximate price of $155 million.
In addition to providing housing opportunities for residents and working space for organizations, HYM Investment Group notes that the new Suffolk Downs project will stimulate the local economy by producing new jobs. The land on which Suffolk Downs and the new housing units are sited was once a horse racing facility, but it has since fallen out of use. The developer says that this project will benefit the two neighboring communities by producing construction jobs and housing. With space set aside for retailers, companies will be able to conduct business in East Boston and provide local residents with employment. Final plans have yet to be announced, but the massive mixed-use complex will have hotels and open space too. The developer announces that it intends to implement forward-thinking strategies into the site's development, including environmental factors. Given its proximity to the waterfront, the complex's design will take projected sea level rise estimates into consideration. It will also account for climate change. As the project gets underway, the first phases of development will include construction of the retail spaces, which will occupy the ground level, and housing.
For the developer, and for people who will live and work in Suffolk Downs, another main advantage of the redevelopment project is the fact that it will significantly improve and restore transportation to the area. Suffolk Downs has a prime location near two adjacent stops on the MBTA's Blue Line. By the summer of 2018, the developer plans to transform the land into a transit-oriented place that will connect East Boston with surrounding neighborhoods and communities within Boston. The site is situated between the cities of Revere and East Boston. It is adjacent to Suffolk Downs and just two stops away from Logan International Airport on the MBTA Blue Line. The site is located just 10 minutes from downtown Boston, which makes it key living place for people working in the city.
East Boston, which is nicknamed Eastie, is a suburb of Boston. It has approximately 40,000 residents. This neighborhood was created by connecting several adjacent islands with landfill. It is very conveniently located to Boston's thriving Financial District and its downtown area, which are directly across the Boston Inner Harbor. East Boston, like other locations in Boston, is trying to manage improving its local economy and providing residents and businesses with opportunities while retaining its historic character. One of its goals, along with several other places in Boston, is to keep some amount of affordable housing available for residents. At present, housing prices in East Boston are comparatively lower than other places in the city. In East Boston, it costs about $2,500 per month to rent an apartment of all sizes. Roslindale's apartments average the same monthly rate, while only Allston-Brighton and Roxbury had lower rates, of $2,410 per month and $2,300 per month, respectively. Residents can expect to get a wide range of apartment sizes. Across Boston, the average size of all apartments is 815 SF. The smallest, studios, average 490 SF. Size increases to an average of 707 SF for one-bedroom units, 984 SF for two-bedroom units, and 1,318 SF for three-bedroom units.