Boston-based real estate company HYM Investment Group, LLC announced today it will co-develop the massive, $500-million complex in Brighton that local footwear company New Balance began building recently.
The “Boston Landing’’ project will create a 1.45 million square foot health and wellness district along Guest Street consisting of a new headquarters for New Balance, a sports complex, hotel and up to three office buildings along with space for retail, restaurant, outdoor recreation and parking.
New Balance is also building a new commuter rail station on the Framingham-Worcester line tracks that abut the 14-acre site and run parallel to the Massachusetts Turnpike.
James Halliday, managing director of NB Development Group, LLC, a subsidiary of New Balance, said his team chose to bring on HYM “because of its direct experience with phased mixed-use sites across the region.’’
HYM said it is currently developing a 2.3 million square foot complex on the site of the Government Center Garage as well as a 5.3 million square foot mixed-use project at NorthPoint in East Cambridge.
“We are thrilled to be working with NB Development Group to help develop this area into a vibrant city neighborhood and 21st century destination for area residents and visitors,’’ said a statement from Thomas N. O’Brien, HYM’s managing director.
The project, which broke ground in September, replaces several run-down warehouse buildings and surface parking lots, next door to New Balance’s current headquarters tower.
New Balance officials have said they expect to complete the six-phase project within about a four-year span.
The commuter rail station would open in 2014. The headquarters, sports complex and the hotel are expected to be completed by 2015. The office buildings are expected to be built by 2017.
Elkus Manfredi Architects has led design of the project.
“We view Boston Landing as a transformative opportunity to take largely under-utilized land along the Mass Pike and make it a gem for local residents and the city of Boston through open space and mixed-use development,’’ said a statement from Matt LeBretton, vice president of public affairs for New Balance.
The shoe company has also bought otherproperty surrounding the ongoing development in recent months. New Balance moved its Factory Store to one of those properties, but has not disclosed plans for the other sites.
New Balance officials announced this week the company expects to get a major boost in sales because of a new Pentagon policy to provide military recruits with sneakers that meet certain federal requirements, which few other companies make.