HYM Investment Group managing partner Tom O'Brien (center, no hard hat) poses for a photo with state Housing Secretary Ed Augustus (second from right), Revere Mayor Patrick Keefe Jr. (third from right), state Rep. Jessica Ann Giannino (left) and Revere City Council Vice President Joanne McKenna at a groundbreaking event for HYM's new Portico development in Revere on Tuesday, Dec. 16, 2025. Photo by James Sanna | Banker & Tradesman Staff
Construction of the second building is under way at the largest approved development site in Greater Boston, expanding the residential side of the Suffolk Downs property in Revere.
A state subsidy helped Boston-based HYM Investment Management complete the financing package for the 473-unit Portico apartment building. In August, the Healey administration awarded $5 million in tax credits from the state’s Housing Development Incentive Program.
Secretary of Housing and Livable Communities Ed Augustus said the Legislature’s recent tripling of the program to $30 million a year – plus a $57 million one-time increase – helps address the housing shortage in Greater Boston.
“It costs too much, and we’re working on all levers to try to create housing and do it faster,” he said.
The HDIP program provides subsidies for market-rate housing developments in Massachusetts’ 26 Gateway Cities, and is designed to fill funding gaps reflecting the lower rents in the economically underperforming communities.
Built with union labor by Suffolk Construction, the 473-unit Portico building is the second located in the Revere section of the 161-acre former racetrack property.
Related Companies provided $225 million in construction financing for the $300 million Portico project, HYM Managing Partner Tom O’Brien said.
Developers considered redesigning the building, which includes a 15-story section, to reduce costs, but were able to control costs through discussions with unions, O’Brien said. Even so, the building ended up costing over $630,000 per apartment.
“We worked with the [state and local officials] to find ways to create a state subsidy to make these things work,” he said.
The first residential building at Suffolk Downs, the 475-unit Amaya apartments, broke ground in 2022 after receiving $150 million in financing from insurer Ullico and opened in 2024. It currently advertises studios renting from $2,305 per month.
The Suffolk Downs project has approvals for 10,000 housing units and 5.2 million square feet of commercial space. There are four development pads in the “Beachmont Square” section of the development near the Beachmont station on the MBTA’s Blue Line.
Local officials and union tradespeople filled a tent for a ceremonial groundbreaking ceremony Tuesday, as Revere Mayor Patrick Keefe touted the city’s development-friendly climate.
“There is a clear incentive to make your next investment here in Revere,” Keefe said.
The 52-acre Revere portion is approved for 5.2 million square feet of development, half of which is designated for office and lab buildings. Site work on a 280,000 square-foot life science facility at 100 Salt St. began in 2022 but was halted as lab demand plummeted.
No construction has begun on the Boston side of the property.
Image courtesy of PCA Architects
