HYM, Cathexis and City of Revere break ground on Portico at Suffolk Downs

The next milestone for the transformative 161-acre Suffolk Downs redevelopment

Special to The Advocate

On Dec. 16, 2025, The HYM Investment Group (HYM), Cathexis Holdings LP (Cathexis), the City of Revere, Related Fund Management and Suffolk celebrated the official groundbreaking of Portico, the second multifamily building at Suffolk Downs. The 473-unit project marks continued momentum for the transformative Suffolk Downs redevelopment, which is expected to deliver 10,000 homes across Revere and East Boston. Portico will join Amaya – the first residential building at Suffolk Downs – as part of the growing mixed-use development in Beachmont Square.

Upon completion, Portico will deliver a mix of studio, one-bedroom, one-bedroom + den and two-bedroom floorplans, alongside more than 33,000 square feet of ground-level retail space. Portico will offer a collection of distinctive indoor and outdoor amenities, including a 15th-floor sky deck with sweeping ocean views, a lounge with a kitchen and terrace overlooking Beachmont Plaza, and an expansive courtyard with flexible lawn areas, fire pits, grills and serene landscaped seating. Residents will also enjoy innovative creative studios with recording pods, a state-of-the-art fitness center and a bright veranda featuring a coffee bar and private work pods.

Located just steps from the Beachmont MBTA Blue Line Station, Portico will be ideal for working professionals and residents looking for a connected, amenity-rich home base with ease of access to Downtown Boston and the coast. The new construction will bring dynamic additional retail to Beachmont Square and along Salt Street. Connected to a lively hub of civic spaces, open space and retail, the 1.7 million square foot, mixed-use Beachmont Square serves as a gateway to the larger Suffolk Downs site. Suffolk Downs residents have access to a diverse array of fitness, shopping, food and beverage options.

Portico was, in part, made possible through a public-private partnership between HYM, Cathexis, the Commonwealth of Massachusetts and the City of Revere. Governor Maura Healey and Housing and Livable Communities Secretary Ed Augustus helped advance the development of Portico through the Housing Development Incentive Program (HDIP); Mayor Patrick Keefe and the Revere City Council were key in taking the local action needed to unlock Commonwealth tax incentives.

“The Suffolk Downs redevelopment is a transformative project for Revere and Greater Boston, and the Healey-Driscoll Administration was proud to award $5 million to help make this project possible,” said Secretary Augustus. “Portico and the Suffolk Downs redevelopment will help us get to the 222,000 homes Massachusetts needs to keep up with housing demand, give buyers and renters more choices, and bring down costs.”

“Today’s groundbreaking at Portico reminds us of why both families and businesses invest in Revere. With our scenic coastal geography, convenient access to public transit, and competitive market value, there is clear incentive to plant roots and grow in Revere. Portico will deliver the needed housing, economic activity, and renewed energy to a neighborhood that is central to Revere’s progress,” said Mayor Keefe.

“We couldn’t be happier to celebrate the groundbreaking of Portico today,” said HYM Founding Partner/Managing Director Thomas N. O’Brien. “Our focus at Suffolk Downs has always been to deliver thousands of new homes and create a truly mixed-use neighborhood and destination to meet the moment for Greater Boston. Breaking ground on Portico represents that vision in action. We are grateful to Governor Healey, Secretary Augustus, Related Fund Management, and all our project partners who have made this groundbreaking possible, and we’re certain Portico will be a welcome addition to the Beachmont Square community.”

“Today’s groundbreaking of Portico represents another step forward for Revere and for the future of Suffolk Downs,” said Senator Lydia Edwards, State Senator for the Third Suffolk District. “This project reflects what is possible when the Commonwealth, the City of Revere, and private partners work together to deliver much-needed housing, create jobs, and build neighborhoods accessible to transportation. I want to thank the Healey-Driscoll Administration, the City of Revere and Mayor Keefe, HYM, Cathexis, and all of the public and private partners whose collaboration made this milestone possible. Portico will not only add hundreds of new homes, but also strengthen Beachmont Square as a community that supports local businesses and expands opportunities for residents across our region.”

Suffolk is the general contractor for Portico, leading the ground-up construction of the multifamily building. “We’re proud to bring Portico to life and support the City of Revere as Beachmont Square continues to take shape, providing residents with a connected, amenity-rich home just steps from the Blue Line and all that Boston has to offer,” said Suffolk Northeast General Manager Pat Lucey. “Suffolk has been deeply engaged in this community for years, and projects like Portico give us the chance to deliver high-quality housing and vibrant public spaces that truly serve local residents. It’s exciting to see the neighborhood grow, and we’re honored to help create a place that will benefit Revere for years to come.”

With the official groundbreaking, construction on Portico has begun and delivery is anticipated by February 2028. For more information on Suffolk Downs, please visit atsuffolkdowns.com.