Builders get to the Point
Construction under way on Cambridge complex
January 18, 2013
By
Greg Turner / Boston Herald
Work has started on a 20-story apartment tower at NorthPoint, as the massive $2 billion development comes alive in Cambridge.
Action on the building, which will feature 355 luxury units and ground-floor retail, is a long-awaited sign of progress for Boston’s HYM Investment Group and its financial team.
“What HYM is saying is, we’re real, we’ve got real capital, we can build spectacular buildings — we’re on our way,” said Joseph Flaherty, managing partner at Colliers International, who noted the milestone at the real estate firm’s annual trends forum yesterday.
A key feature of the tower is an elevated park and staircase that provides pedestrian access between the Gilmore Bridge and the NorthPoint property about two stories below. The bridge runs from the O’Brien Highway over to the MBTA’s Orange Line and into Charlestown.
“I think it’s a pretty elegant design for what is a challenging site right up against a bridge,” said Brian Murphy, Cambridge’s assistant city manager. “It will improve the connections between the Orange Line and the site.”
HYM and partners — Canyon-Johnson Urban Funds, a venture that includes
Los Angeles Lakers legend Earvin “Magic” Johnson; Atlas Capital Group and property owner Pan Am — took over NorthPoint in 2010, following legal and financial delays.
“We expect to deliver the building in about 30 months,” said HYM managing director Tom O’Brien, adding that the tower will help meet strong demand for apartments. “It’s one of only a handful of buildings under way in Cambridge.”