Healthpeak Properties has entered into a long-term strategic partnership with Hines to develop the residential part of the former’s Cambridge Point Mixed-Use Development. As per the announcement, Healthpeak will be the master developer and Hines will be in charge of the residential development.
The Cambridge Point master-planned district will be constructed in the neighborhood of Alewife in Cambridge, Massachusetts. The announcement stated that Hines and its partners will fund the residential projects. They plan to start building the first one within a year after they get the necessary approvals, which they expect in late 2026.
Highlights
- Healthpeak and Hines announce partnership for the Cambridge Point Development planned for the Alewife.
- Healthpeak has created the master plan for the mixed-use project, and Hines will oversee the residential development.
- Cambridge Point will include spaces for research, residential, and retail uses.
Healthpeak Partners with Hines for Cambridge Point Project
Kelvin Moses, Healthpeak’s Chief Financial Officer, in a prepared statement about the collaboration, said that they are thrilled to welcome Hines as a key partner in realizing their long-term vision for Cambridge Point. “Hines’ reputation of delivering exceptional mixed-use and residential communities in urban centers aligns seamlessly with our commitment to quality and community impact,” he said.
Senior Managing Director and head of Hines’ U.S. East market, Sarah Hawkins, shared her company’s vision for the project. “Hines has a deep-rooted history in the Boston area, including our work at Fuse Cambridge in Alewife, and we’re proud to partner with Healthpeak to continue shaping the community’s built environment,” she said.
More About the Cambridge Point Project
The Cambridge Point project has a master plan spanning 40 acres and development potential of a million square feet. It will include multifamily housing units, research and laboratory space, and community-focused retail on the ground floor. The construction as per the master plan will happen in multiple phases.
Located just next to the MBTA Rapid Transit Rail Station in the Alewife neighborhood, the development will be transit-oriented. It will also be a pedestrian-oriented district as it will have a highly walkable retail corridor alongside a large network of green open spaces linking Fresh Pond to the Alewife Brook Reservation. Publicly beneficial infrastructure, like a pedestrian bridge that connects to the MBTA red line, will also be part of the project.
According to Healthpeak’s announcement, Cambridge Point is the final large-scale development opportunity that is available in Cambridge. The district has been positioned in such a way that it becomes a new entry point to “Greater Boston’s life sciences ecosystem.”
The project will be in accordance with the corporate responsibility objectives of Healthpeak. Over seven acres of publicly beneficial open space, improvements of the streetscape, vibrant retail corridors, and green building practices will be part of the project.
About Healthpeak Properties
A fully integrated real estate investment trust (REIT) and S&P 500 company, Healthpeak Properties, Inc., owns, operates, and develops real estate for healthcare discovery and delivery. It manages over 60 million square feet across the US and is the largest owner of commercial properties in West Cambridge.
About Hines
Hines is a global real estate investment manager and has a history of 68 years. The company has over $90.1 billion of assets that it owns and operates. Hines has over $3 billion in existing properties and active developments in the Greater Boston area, which is cumulation of 40 years of investments.
