Construction on NorthPoint, a 20-story apartment complex, has commenced in Cambridge. HYM Investment Group, the real estate developer behind the project, stated that $2 Billion development could encompass 5 million square-feet and will include residential, commercial office, biotech, and retail opportunities. The residential portion of the development will include 355 luxury units.
Progress on the project has been well received the Boston Herald reports. However, the road to construction has not been smooth. Work on the project stalled in 2007 due to legal and financial issues and left the 45-acre property overgrown and untouched for years. The property, previously owned by Pan Am, which remains a partner today, will be one of the largest residential developments Cambridge has ever seen.
Joseph Flaherty, managing partner at Colliers International noted that developer HYM is ‘on its way’ at the real estate firm’s annual forum. The project is predicted to take 30 months to complete, said managing director of HYM Tom O’brien.