The transformation of a sprawling old rail yard into a dynamic new mixed-use neighborhood took a giant leap forward yesterday with the opening of North Point Twenty|20. The 20-story multifamily high-rise developed by The HYM Investment Gp and Canyon Johnson is the first building to be completed on the partnership’s 18 development sites at North Point. The 45-acre parcel that spans Cambridge, Somerville and Boston is walking distance from the high-powered East Cambridge/Kendall Square life science cluster, where the average asking rent for Class-A office is in the $70/SF realm.

Designed by CBT Architects, the 355-apartment high-rise has been estimated to cost at least $160M. Rents will range from $2,350 for a 550 SF studio to $7k for a 1,200 SF three-bedroom. First occupancy is expected by July 1. The big challenge was to move fast so HYM could parlay the appealing combination of 2112/2013 construction prices with the busy 2015 rental market. More than ever, apartment living is a first choice for many of the well-paid young professionals who work in Kendall Square life science and tech companies. In addition to NorthPoint, HYM is also co-developing the $500M Boston Landing with New Balance and advancing its $1B plan to redevelop the Government Center garage in downtown Boston.