HYM Details Massive Downtown Project; Braintree Hotel Makeover Kicks Off
- Jul 22, 2011
HYM Investment Group L.L.C detailed plans this week for Downtown Boston’s largest current proposed project: 2.4 million-square-foot mixed use complex on the site of the Government Center Garage. As reported Tuesday by the Boston Globe, HYM wants to build 1.2 million square feet of office space, 900,000 square feet of residential space, 450,000 square feet of hotel space, 400,000 square feet of parking and 50,000 square feet of retail. A signature feature would be a 45-story-tall tower that would primarily incorporate office space.
As envisioned by HYM, the dvevelopment would help re-connect Boston’s West End with the area that includes popular destinations such as Fanueil Hall and Quincy Market. HYM first outlined the project in a letter to the Boston Redevelopment Authority last last month. According to information on its Web site, HYM serves as property manager and asset manager for Government Center Garage, which is jointly owned by the National Electrical Benefit fund and London-based UKI Boston. The Globe quoted HYM’s managing director, Thomas O’Brien, as saying that the first component of the project to move forward would be a $140 million residential tower.
In Braintree, developers broke ground last week on a project that will transform a closed 374-room Sheraton-branded hotel into a 204-room Hyatt Place. As reported by the Globe, the property will include 32,000 square feet of retail space, including a renovated 8,200-square-foot restaurant and a 6,000-square-foot store jewelry store. Karma Nominee Trustee L.L.C., an entity affiliated with development company Carpenter & Co. Inc., acquired the 10-acre property for $9.1 million in February 2010. Carpenter and its fiinancial partner, BayNorth Capital, are leading the renovation.