HYM Investment Group has received approval, by a 5–0 vote, from the Boston Planning and Development Agency (BPDA) for the $8 billion redevelopment of Suffolk Downs, a 161-acre former thoroughbred horse track and racing facility in East Boston.
The project is considered one of the largest in Boston’s history.
It will total more than 16 million square feet. The project will include 10,000 residential units, totaling 10.15 million square feet; 5.2 million square feet of office space; 450,000 square feet of retail; and two hotels. In addition, there will be 40 acres of open space.
It will be completed in phases and be completed by 2040.
In total, the development is estimated to create 18,810 new construction jobs and 22,000 permanent jobs upon completion.
HYM purchased the property in 2017 for $155 million.
