The HYM Investment Group and My City at Peace have filed a letter of intent with the Boston Planning and Development Agency for an $850 million redevelopment of the shuttered Boston-based Carney Hospital into a mixed-use Dorchester Health Campus with a focus on community connectivity, healthcare access and housing.
Bankrupt Dallas-based Steward Health Care closed the hospital and its Ayer-based Nashoba Valley Medical Center on Aug. 31, 2024. The former hospital site is owned by insurance and institutional funds managed by Apollo Global Management, which previously held a mortgage on the properties, according to a project overview document shared with Becker’s on May 20.
Here are five things to know:
1. The redeveloped campus would consist of approximately 970,000 square feet across five new buildings for healthcare, healthcare education, housing and neighborhood-serving retail and community usage.
2. The proposal comprises a 350,000-square-foot healthcare building. It also includes approximately 500 residential units across three buildings: 200 units for older adult housing, independent living, assisted living and memory care; 100 units of market-rate multifamily housing, with homeownership possibilities; and 200 units of market-rate multifamily rental housing.
3. The redevelopment would result in approximately $9.2 million in jobs and housing linkage benefits, more than $9 million in property tax benefits, approximately 970 construction jobs and approximately 2,100 permanent jobs.
4. HYM and MyCap have held more than 35 meetings to discuss the project’s vision with abutters civic associations, community organizations, elected officials and neighborhood groups in 2025 and 2026.
5. “This filing reflects extensive community feedback and a shared commitment to restoring healthcare uses on campus, expanding local housing opportunities, and enhancing connectivity on a site that has long been a cornerstone of the neighborhood,” Thomas O’Brien, managing partner and CEO of The HYM Investment Group, and the Rev. Jeffrey Brown, founder and CEO of My City at Peace, said in a joint statement shared with Becker’s. “We look forward to beginning the Article 80 process and the continued engagement with residents, stakeholders, elected officials and the Dorchester community.”
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