When The HYM Investment Group bought the 161-acre Suffolk Downs site long occupied by a racetrack in 2017 for $155M, it had visions of a generational development. The next year, the site was literally under water during Boston’s worst storm in decades. “As the water came over the MBTA tracks, it would start to fill into our site, it would spill down Washburn Avenue to the base of the T station and flood the MBTA parking lot,” HYM partner and Director of Development Doug Manz said. The historic storm threw into sharp relief the challenge HYM is facing as it plans its 16.2M SF, $8B development: The site is flanked by the Atlantic Ocean to the east and west, has Sales Creek running through it, and is uniquely at the mercy of the changing climate. The team behind the massive development is now gearing up to defend both its project and its neighbors from storms that have already pummeled Boston and only project to get stronger.
High-tide flooding may occur up to 95 days a year by 2050, sea levels are expected to rise more than 4 feet by 2070 and rain events will reach 10 inches by the late century, experts predict. To protect its ambitious mixed-use project, HYM is spending tens of millions of dollars in flood… Read the full story here. |