The BPDA board approved developer HYM's plans to transform the old Suffolk Downs race track over two decades into a new community on the East Boston/Revere line that will ultimately mean 10,000 apartments, condos and single-family homes and enough office, retail and hotel space to provide 25,000 new jobs.
The unanimous vote came at the end of a meeting that started Thursday and ended early this morning.
Revere approved HYM's plans for its side of the 161-acre parcel - which will include roughly 3,000 of the new housing units - in 2018.
About 40 acres will be set aside as public space - much of it designed to double as containment areas for the flood waters that might come to a low-lying area with rising sea levels and more severe storms. The open space will include ball fields, tennis and basketball courts, five playgrounds and five bocce courts.
In addition to the parkland, HYM will try to stave off floodwaters by elevating the entire site, designing garages with below-ground levels that can double as flood-retention spaces and by designing first floors of buildings to withstand inundation.
Some 930 of the housing units on the Boston side will be rented or sold as affordable, aimed at people making between 40% and 100% of the Boston area median income. The company will also pay into a BPDA fund to subsidize rents at 500 apartments in the rest of East Boston and will give Boston 50,000 square feet of land for future affordable-housing construction. In total, that represents 20% of the project's total housing units, compared to the normal Boston requirement of 13%.
HYM will also pay $5 million into a fund aimed at helping existing East Boston residents stay in their homes - and more immediately $400,000 into a fund to help East Boston residents having problems making rent due to Covid-19. Some 10% of the total units will be aimed at senior citizens.
When built out, the Suffolk Downs site will have 500,000 square feet of retail space, with 50,000 of that set aside for locally owned businesses, and some 2.5 million square feet of office space.
HYM will spend $20 million in fixing up the Blue Line in general and reconstructing the Beachmont and Suffolk Downs stops in particular. It will pay the T $3.15 million over 15 years.
The company will also spend a total of $61 million to improve some 30 nearby intersections and Rte. 1A and will run a shuttle bus to the Suffolk Downs T stop and eventually to downtown Boston.
HYM will also install solar panels on building rooftops and will set aside 25% of the roughly 15,000 planned parking spaces, most of it in garages, for electric and plug-in vehicles.
Suffolk Downs filings with the BPDA, includes renderings and details of the proposed project.