Tishman Drops Bid For 8-Acre Roxbury Site, Paving The Way For HYM Team
HYM Investment Group appears poised to win the bid for a major Roxbury development site after its only competitor bowed out and it secured the endorsement of a key committee.
A Tishman Speyer-led team dropped its bid for the site last week, and on Monday night, HYM's team received the endorsement of the Roxbury Strategic Masterplan Oversight Committee for its proposal on the Parcel P3 site, the Boston Business Journal reported.
Last Wednesday, a separate Boston Planing & Development Agency-convened panel voted behind closed doors for the proposal from HYM and its partner, My City at Peace. By Friday, Tishman withdrew its proposal, according to the BBJ. A Tishman Speyer spokesperson pointed to macroeconomic effects and economic downturn as the reasons for dropping the bid.
“We are thrilled to receive the recommendation of the RSMPOC,” HYM CEO Thomas O’Brien said in a press release. “Our P-3 proposal has been intentionally designed to reflect and serve the surrounding Roxbury community and we are honored to have the support of so many key stakeholders and community members, including the RSMPOC.”
RSMPOC accepted an earlier Project Review Committee recommendation of the HYM proposal. The oversight committee is made up of local residents and other stakeholders who offer input on big development projects in the neighborhood. The BPDA is set to vote on the proposal before the end of the year.
HYM's project would transform the empty 7.7-acre parcel across the street from the Boston Police Department headquarters into a mixed-use development. The proposal includes 700K SF of life sciences space, 144 affordable ownership units, 164 affordable rental units and 45K SF of retail space.
The site had multiple approved plans in the past, including a Partners Healthcare corporate office and a mixed-use development anchored by a BJ's Wholesale Club store. The BPDA sought new approvals last year for the site.
The joint venture's proposal was also developed in partnership with multiple minority- and- women-owned business enterprises, including the DREAM Collaborative, Our Village Initiative and Maven Construction.
MyCAP is an organization with a goal to reduce the racial wealth gap through affordable housing. It was co-founded by the Rev. Jeffrey Brown, an associate pastor at Twelfth Baptist Church, and Thomas Sullivan, who is discipline lead for leadership development with Hult International Business School.
In addition to the Parcel P3 proposal, HYM has two other major developments in the construction pipeline: Suffolk Downs in East Boston and One Congress in Government Center.
