Hines has joined forces with a life sciences REIT to build out a 40-acre site near Cambridge's Alewife MBTA station.
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The Houston-based developer has come on as a long-term partner with Healthpeak Properties to develop the multifamily components of the Cambridge Point master-planned district, the firms announced Thursday.
The project could reach up to 5M SF of development, including multifamily, lab and retail space. And it would include a network of green spaces that connect to local parks, including Fresh Pond and Alewife Brook Reservation.
The release said the master-planned district is "the final large-scale development opportunity in Cambridge" and will build on Healthpeak's already massive commercial footprint in the neighborhood.
The REIT acquired a series of properties in the area in the years just before and during the pandemic, leading Cambridge to place a moratorium on development around Alewife in 2022 before it rezoned the area in 2023. Healthpeak had slowed its activity in the area before doing another deal last month, buying 100 Smith Place for $20M.
The development team says it expects to obtain entitlements for the project in 2026 and begin the first residential building within one year after that.
“Cambridge Point aligns Healthpeak’s core values through community development—it’s about shaping a place where people can live healthy lives, establish connections, innovate, and thrive,” Scott Bohn, chief development officer at Healthpeak, said in a statement.
The neighborhood has seen activity from other developers, including Boylston Properties, which filed a plan for a 12-story, 227-unit apartment building to replace plans for a lab project at 745 Concord Ave. in September.
The Massachusetts Bay Transportation Authority has called on developers to redevelop a portion of the garage at the Alewife station, which is the terminus of the Red Line. It is unclear what the transit agency envisions for the site.
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