HYM Investment Group has secured planning approval from Boston Planning & Development Agency (BPDA) for the Suffolk Downs Redevelopment Project in Boston, US.
Spanning on both Boston and the City of Revere, the five-phase development project will create nearly 7,000 residential units across the Boston portion of the site. These residential units comprise over 900 on-site income-restricted units.
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BPDA said that further $5m of the housing stabilisation fund, which will be managed by Boston Department of Neighborhood Development (DND), will be utilised to help the off-site income-restricted housing to bring the overall commitment of affordable housing to 20%.
It also said that about 10% of the total residential units will be allotted for senior housing.
The proposal includes the construction of a new mixed-use neighbourhood, a 40-acre publicly accessible open space system, as well as two retail squares at Suffolk Downs and Beachmont stations.
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The primary phase of the project will comprise nearly 1.39 million ft² of development including the first phase of the project, which involves 520,000ft² of corporate as well as amenity space.
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By GlobalDataIt also includes three residential buildings, a portion of townhomes along Waldemar Avenue of more than 800 housing units and construction of the Horseshoe Pond landscaped wetland enhancements as well as Belle Isle Square public plaza with more than 100,000ft2 of ground-floor retail.
The redevelopment project is estimated to create nearly 25,000 to 30,000 new permanent jobs and about 14,000 construction jobs.
BPDA also said that about 10% of the overall retail space will be made available to locally-owned businesses with flexible lease terms.
At least 40,000ft2 or 20% of the entire ground-floor space developed for retail or restaurant use will be dedicated to civic use.
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HYM Investment Group is developing the Suffolk Downs Redevelopment Project in Boston, US. (Credit: Boston Planning & Development Agency.)
