HYM Reports Progress at Suffolk Downs as New Housing, Retail, and Public Spaces Take Shape

By Barbara Taormina

HYM Investment Group CEO Thomas O’Brien met with the City Council this week for the company’s annual project update required by the special permit issued for the development. “We feel good about where we are,” O’Brien told the council.

O’Brien gave a breathless slide presentation of the project highlighting the accomplishments to date. He began by thanking the city and the council for its support over the past 24 months, which brought increased interest rates and costs that affected the pace of the development. He then began a list of individual pieces of the project that have been completed or are in the works.

Amaya, the first residential building, was completed and opened in 2024 with 475 units and 24,000 square feet of retail space. O’Brien said it is 80 percent leased. Twisted Fate Brewing and The Point Barre and Yoga studio are on the ground floor. “Amaya has been a great project for us,” said O’Brien.

The Yard, which is the space just outside of Amaya, has also received planning and attention. “The effort is to bring people to the site and make it active,” O’Brien told the council. HYM has planned a spring pop up market for Saturdays beginning April 19, Thursdays at the Yard, which will feature musical performances and a variety of outdoor fitness activities.

The Amp, an outdoor amphitheater, is rising and is expected to host its first musical performance, possibly as early as this spring. The Amp will feature tree groves and seating around a new pond with a stage at the water’s edge. The Amp is part of the project’s park system and a key part of the stormwater management plan.

O’Brien told the council a significant amount of time and money has gone into infrastructure. “It’s not the most visible work, but it’s the most important because it sets the stage for the site to move forward,” he said.

Infrastructure work and traffic mitigation have been done on all on-site roadways, Beachmont Plaza, The Yard and The Amp. According to HYM, there have also been improvements to the offsite intersection at Winthrop Avenue and Revere Beach Parkway. Improvements to 10 offsite intersections in the city have been designed and seven are either complete or close to completion.

HYM broke ground last winter on Portico, a second residential building with 475 market-rate units and 33,000 square feet of ground-floor retail space. Portico is expected to open during the first quarter of 2028. “Portico is on track, we’re very happy about that,” said O’Brien.

O’Brien couldn’t share the name of the hotel that is part of the project, although he described it as national and upscale. Construction of the hotel is expected to begin by the end of this year. O’Brien did say it would be a 150-key, full-service hotel and HYM is looking to add a rooftop restaurant and bar to create a gathering spot with ocean views.

The Arden, another residential building with 243 units, is also scheduled to begin construction by the end of this year. The Arden will be a mix of studios, one-bedroom and two-bedroom market-rate units. The seven-story Arden will face Beachmont Plaza and have 12,500 square feet of ground-level retail fronting Suffolk Downs Boulevard.

O’Brien also spoke about 619 Winthrop Street, the gateway plaza to Suffolk Downs from the Beachmont T stop. O’Brien said HYM wanted the entrance to Suffolk Downs to start right at the T station. The company bought the former Beachmont Roast Beef site, which it is upgrading. HYM also plans to reinstall the illuminated tower that once stood on the site. O’Brien also said the plaza could also host retail and food trucks.

Ward 1 Councillor James Mercurio asked about HYM’s plans for Donnelley Square. Mercurio reminded O’Brien that refurbishing the square was part of HYM’s sales pitch when it first came to the city and there was talk about trees, decorative lighting and streetscapes.

O’Brien said that to move ahead with Donnelley Square HYM would need partnerships with the MBTA, MassDOT and utility companies in order to relocate existing underground equipment. “What we need is a team effort,” said O’Brien. “It’s a shared effort and an appropriate thing to do for the neighborhood that has been so good to us.”

Mercurio said he looks forward to working together. Other councillors thanked O’Brien and all said the site looked good and seemed to be coming together.

“I appreciate you being a good neighbor, putting the yard to use for the farmers’ market,” said Councillor-at-Large Marc Silvestri. “Keeping life to the site as it’s being developed is a huge plus for the city as well as yourself.”