REVERE, MA — The HYM Investment Group, Cathexis Holdings, the City of Revere and development partners marked a major milestone this week with the official groundbreaking of Portico, the second residential building at the sprawling Suffolk Downs redevelopment.
The 473-unit multifamily project represents continued momentum at the 161-acre site, which is planned to deliver up to 10,000 new homes across Revere and East Boston.
Portico will rise within Beachmont Square, joining Amaya, the first residential building completed at Suffolk Downs, as part of a growing mixed-use district that blends housing, retail, open space and transit-oriented development. Upon completion, Portico will offer a mix of studio, one-bedroom, one-bedroom-plus-den and two-bedroom apartments, along with more than 33,000 square feet of ground-floor retail space.
Designed as an amenity-rich community, Portico will feature a 15th-floor sky deck with ocean views, a resident lounge with kitchen and terrace overlooking Beachmont Plaza, and a large landscaped courtyard with flexible lawn space, fire pits and grills. Additional amenities include creative studios with recording pods, a state-of-the-art fitness center, and a veranda with a coffee bar and private work pods.
Located steps from the Beachmont MBTA Blue Line Station, Portico is positioned to serve residents seeking easy access to downtown Boston and the North Shore. The project will also expand retail and neighborhood activity along Beachmont Square and Salt Street, complementing recent openings such as Twisted Fate Brewery and The Point Barre and Yoga Studio at Amaya. Residents across Suffolk Downs will have access to public spaces including The Yard @ Beachmont Square, The Track at Suffolk Downs, The Dog Park and The Stage at Suffolk Downs, which hosts community events and concerts.
The development was made possible in part through a public-private partnership involving HYM, Cathexis, the City of Revere, the Commonwealth of Massachusetts and Related Fund Management. The project received support through the state’s Housing Development Incentive Program (HDIP), with Governor Maura Healey and Housing and Livable Communities Secretary Ed Augustus playing key roles, alongside Mayor Patrick Keefe and the Revere City Council.
“The Suffolk Downs redevelopment is a transformative project for Revere and Greater Boston,” said Secretary Augustus. “Portico will help deliver much-needed housing, expand choice for renters and buyers, and support our efforts to meet the state’s housing demand.”
Mayor Keefe said the project underscores Revere’s appeal for families and businesses alike. “Portico will deliver needed housing, economic activity and renewed energy to a neighborhood that is central to Revere’s progress,” he said.
Thomas N. O’Brien, founding partner and managing director of The HYM Investment Group, called the groundbreaking a tangible step toward realizing the long-term vision for Suffolk Downs. “Breaking ground on Portico represents that vision in action,” O’Brien said, noting the project’s role in creating a vibrant, mixed-use destination for Greater Boston.
Cathexis CEO William Harrison echoed that sentiment, describing Portico as “an important milestone in realizing the long-term potential of the site” and reaffirming the firm’s commitment to supporting housing and community development in the region.
Related Fund Management provided $226 million in senior construction financing for Portico through its Related Real Estate Debt Fund IV. JLL Capital Markets’ Debt Advisory team, led by Riaz Cassum, Andrew Gray and Robyn King, represented HYM and Cathexis in securing the financing.
Suffolk is serving as general contractor for the project, leading ground-up construction. Additional partners include Prellwitz Chilinski Architects as design architect, WSP Engineers, GeoEngineers Inc., Beals + Thomas and Halvorson | Tighe & Bond Studio.
With construction now underway, Portico is expected to be delivered in February 2028, further advancing the transformation of Suffolk Downs into one of the largest mixed-use developments in Greater Boston.
