By Tara Vocino
Known for its horse racing, Suffolk Downs will transform into a residential, hotel, commercial, and recreational space, seeing the fruits by 2021, and completed by 2038. Eighty people attended a neighborhood meeting last Wednesday at Rumney Marsh Academy.
According to The HYM Investment Group, LLC Founding Partner/Managing Director Thomas O’Brien, the site will feature 2.46 million square feet of office/lab space, which will provide up to 15,000 full-time jobs and up to 6,900 construction jobs in Revere. It will also include a 35,000 square foot innovation center and 250,000 square feet of ground floor retail, more than 500,000 square foot of diverse street front retail and 10 percent commitment to local business owners. Hotel buildings will encompass 130,000 square foot of space. Residential buildings will make up 2.84 million square feet, including 288 units for senior housing. An outdoor performance theater will serve as a stormwater basin for a projected 100-year period.
Phase 1 will be hotel, innovation center, and retail while the other three phases will be commercial and retail with the fourth phase being 50 percent of each. The site itself will be 161 acres, O’Brien said Monday night.
“There’s nothing like it in Revere’s history,” O’Brien said. “It will resemble Assembly Row in Somerville, or MarketStreet in Lynnfield.” Both are a mixed-use development with retail, hotels, recreation, open space and businesses across the property.
Mayor Brian Arrigo said HYM has held more than 330 neighborhood meetings over the past 18 months since fall 2016.
The Central Common will allow for about two miles of running, walking and biking along with cultural festivals, showcases of public art, a civic plaza and an outdoor theater. Besides senior housing, 31 percent will be condominiums and 59 percent will be apartments, according to O’Brien.
“It’s well-built, and well thought out,” O’Brien said. “They’ll be ample street and garage parking on the campus-like location.”
The $43 million project will include public parks, new streets, and several traffic studies, including a third lane to Route 1A by shrinking the median.
During Wednesday’s meeting, Ward 1 Councillor John Powers said he hopes it will be a success. “I think the upscale restaurants will draw employees from all parts of the North Shore,” Powers said.
Tara Vocino may be reached at email@example.com.