When HYM Investment Group came to Revere with a plan to develop Suffolk Downs, Mayor Brian Arrigo said “Eelcome to history.”
“It seems a little lofty to say, it seemed a little corny at first, but the fact is that statement couldn’t be truer,” Arrigo said. “The fact is what you all have done for this site and for the future of the city is historic. The future of the city is really transformational. I can’t say enough about how professional this process has been. I relied a lot on Bob O’Brien, our economic development director. This has been a process a bit different from what the city has seen. It’s a plan that has been so well thought out so organized.”
Last Wednesday Arrigo and members of the project’s advisory board gathered one more time at Suffolk Downs this time to be thanked by Tom O’Brien, founding partner and managing director for the assistance and input into the project. Doug Manz, HYM partner and director of development and several other HYM staff members also attended.
“This is one of the most professional processes we have been involved in,” said Tom O’Brien
Arrigo also thanked the board members for their input and sacrifices.
The HYM Investment Group purchased the 161-acre property in May 2017
“One of our first stops in Revere was to City Hall. The mayor has been a huge influence,” O’Brien said.
Tom O’Brien also gave a quick update on the project.
“Now we’re in the mode of how do we implement this,” Tom O’Brien said. “One of the challenges with this city, as you know, is the lack of commercial space and office space its an important challenge that we need to meet on so many different levels. It’s about jobs, it’s about tax revenue, it’s about getting a new high school as we talked about in front of the City Council, all those different pieces, that’s the challenge for us.”
O’Brien didn’t mention Amazon by name, because it never mattered whether they did or not. The development would go on and there can be a sort of “campus” feel. They are in the process of selecting architects for the project, which will begin at the retail end of Beachmont Square. The Innovation Center is also planned for the square as is a high-end hotel. HYM just brought in a finance broker to work with them and raise capital for the hotel.
“We will probably make a selection in the next 30 days,” he said. “We’ve also started the process to reach out to retailers (as well as interesting restaurants, a coffee place, etc.) “
The design process for the infrastructure (the roads, the parks, etc.) has also begun.
“Our objective is to get into the ground as soon as possible,” Tom O’Brien said, adding that it take 10-12 months to design. “If we could start in 2019 that would be terrific but likely it will be the first quarter of 2020. You will see us beginning to demolish the horse barns in the spring. Finally, after 80 years that’s all going to come down.”