Revere Lands First Major Life Science Development at Suffolk Downs bringing Jobs & Economic Development for Revere Residents
June 8, 2021
Phase I to Include Biotech & Life Science Lab and Office Space
REVERE – Today Mayor Arrigo and HYM Investment Group, the development company for the Suffolk Downs redevelopment, provided a project update for the Revere City Council outlining changes to include life science, biotech, lab, and office space during Phase I of the project development. The addition of biotech, life science, and lab and office space will be on the Revere side of the project replaces some residential properties and adds job opportunities and economic development dollars for Revere.
“In 2018, we started this redevelopment project because we knew it would be transformative for the residents of Revere,” said Mayor Brian Arrigo. “Three years later, with the inclusion of biotech and life science office space, Suffolk Downs and Revere continues moving forward as an incredibly powerful economic hub that will connect our city and our residents with a growing industry and more opportunity for advancement. Today’s announcement aligns with our ongoing work toward a dynamic Workforce Development Plan providing the tools for all residents to benefit from these new jobs.
Since 2018, the goal of the Suffolk Downs Redevelopment was to transform the land into a highly resilient, transit-oriented, mixed-use development with commercial office, retail, housing, and open space.
"Suffolk Downs offers enormous potential for the region's life sciences sector," said Thomas N. O'Brien, founding partner and managing director of The HYM Investment Group. "Not only is the site located directly adjacent to two blue line stops, but our campus allows us to build the types of life science and biotech lab space that just aren't possible in the rest of Boston or Cambridge. We're grateful for the partnership of Mayor Arrigo, the City of Revere, and its residents and elected officials who have supported this redevelopment project and look forward to creating significant jobs and economic opportunity for the region."
An update by Tom O’Brien, Founding Partner, Management Director of HYM, was provided to the Revere City Council on Monday, June 7. The Revere City Council has been supportive about the project over the last three years – last night, they were thrilled with the possibilities of Biotech in Revere. “This is just so exciting. I want to shout it from the rooftops,” said Council President Zambuto at last night’s meeting.