SUFFOLK DOWNS MOVING AHEAD REAL ESTATE & DEVELOPMENT
Contingency plan in lieu of Amazon
The investment group that owns Suffolk Downs is moving ahead with plans to build about 11 million square feet of housing, retail, office, hotel and lab space, even as it awaits Amazon.com Inc.’s decision on whether it will choose the site for its second North American headquarters.
Boston-based HYM Investment Group LLC filed a letter of intent with the city that gives an overview of its redevelopment proposal for the 161acre thoroughbred horse racing track and facilities in East Boston and Revere — and its plans to seek expedited city and state permitting reviews of a 500,000-squarefoot office building that Amazon would want built by 2019 as part of its $5 billion, 8 million-square-foot “HQ2.”
HYM bought Suffolk Downs in May after its prior owners lost a bid to land a casino there. The site then became Boston’s top choice for its Amazon HQ2 bid after the online retail giant invited bids for a second North American headquarters in September.
HYM plans to proceed with a mixed-use project with or without Amazon, managing director Thomas O’Brien said.
“The plan for the entire site is basically the same with or without Amazon,” he said. “This is a 161-acre master plan site that’s going to be built out over 20 years. We’re really excited about the possibility of remaking this site and making it a great place for people to work and live and shop.”
HYM plans to file more detailed development plans by early December. Those would spell out the number of housing units — townhouses, apartments, condos and senior housing are planned — and square footage for the office, retail and other uses.
The retail is planned as street-front space with restaurants and smaller shops anchored by two retail squares — Beachmont Square near the Beachmont MBTA station, and Belle Isle Square near the Suffolk Downs station. They would be connected by a “Main Street” retail district weaving through the site.
Forty acres of public open space is planned.
HYM wants fasttracked reviews for the 500,000-squarefoot office building, because it would have to start construction early next year to make Amazon’s 2019 deadline.
“Even though Amazon is still going through its internal (HQ2 site selection) process, we need to move forward with the design of the building,” O’Brien said.
If Amazon selects Suffolk Downs for its HQ2, the office building would be the first building constructed at the site. If Amazon bypasses Suffolk Downs, HYM first would develop retail and residential portions of its plans to “set the table” for the office building.