Plans are underway to reinvigorate Suffolk Downs with a 16 million square-foot project that could bring upwards of 10,000 condominiums and apartments to the former thoroughbred horse racing facility, which closed on Oct. 4, 2014.

Initial site work for phase one construction has begun. Purchased in 2017 by HYM Investment Group for $155 million, the 161 acre Suffolk Downs site is located at 525 William F. McClellan Highway and includes approximately 109 acres in East Boston and 52 acres in Revere. HYM envisions reconnecting the two neighborhoods with the multi-phase, mixed-use redevelopment, which will include 40 acres of publicly accessible open space and two retail squares, as well as offices, lab space, hotels and other amenities. 

The first phase of the project will consist of 1.39 million square feet of development, including three residential buildings, including a portion of townhomes proposed along Waldemar Avenue totaling more than 800 housing units, as well as construction of the Horseshoe Pond landscaped wetland enhancements and Belle Isle Square public plaza, which will include more than 100,000 square feet of ground-floor retail.

The project, which the Boston Planning and Development Agency greenlit in September 2020, is expected to be developed over a 20-year span.