Malden Lands $11 Million Grant For Housing And Roadway Improvements

MALDEN, MA — The city has secured $11 million in state funding to support infrastructure improvements and advance plans for hundreds of new homes.

The funding will support the next phase of the Overlook Ridge development, which includes 617 mixed-income and affordable apartments and condominiums across Malden and Revere. City officials said the grants will pay for intersection improvements and site work needed for the housing development to proceed.

The awards include $4 million through the MassWorks program to redesign and reconstruct the intersection of Overlook Ridge Drive and Salem Street. The funding will be combined with a previous $4 million MassWorks award and private funding from AC Residential LLC, formerly Veris Residential Trust. The earlier state award was secured in 2023.

The intersection project includes improvements aimed at making the roadway safer and improving traffic flow for motorists, pedestrians, and cyclists. Plans also call for connecting the shared-use path along Overlook Ridge Drive to the Northern Strand Community Trail and creating MBTA bus stops on both sides of Salem Street.

Mayor Gary Christenson said the funding will help the city address housing needs while completing transportation improvements.

“This investment is transformative for Malden and the entire region,” Christenson said in a statement. “The Commonwealth’s commitment to this project demonstrates the importance of pairing housing production with infrastructure investments.”

A separate $7 million award through the HousingWorks Infrastructure Program will cover blasting, earthwork, roads, and utilities needed to develop 51 affordable homeownership condominiums. The homes will serve households at income limits of 80 percent and 120 percent of area median income, with more than half offering two or more bedrooms.

The condominiums will be the first homeownership opportunity in Overlook Ridge’s 20-year history. According to the city, only five income-restricted homeownership units have been funded in Malden to date.

The next phase of development spans four parcels and includes:

• 51 workforce condominiums.
• 99 mixed-income apartments for adults ages 55 and older.
• 157 mixed-income apartments designed for families.
• 310 mixed-income rental units.

A July 2024 Malden planning report identified 307 of the proposed homes in Malden and 310 in Revere. The report outlined transportation improvements required before occupancy, including intersection signalization, turning lanes, roadway widening, and pedestrian and bicycle accommodations.

The grants are the latest step in a years-long effort to complete the development of Overlook Ridge. The residential community spans the site of the former Rowe’s Quarry and has grown to nearly 1,977 apartments over the past two decades. All of the homes constructed to date are market-rate rentals.

Malden’s Affordable Housing Trust Fund previously awarded nearly $350,000 to the senior housing portion of the development. The funding came through the Trust’s ongoing partnership with the Community Preservation Committee.

The city’s announcement at the time described 99 one- and two-bedroom apartments on Lot 13B, including 79 income-restricted homes and 20 market-rate units. Plans included 61 apartments for households earning up to 60 percent of area median income and 18 for households earning up to 30 percent.

WinnDevelopment and AC Residential LLC are working together on the next phase of construction.

“These grants represent a significant step towards the redevelopment of these parcels at Overlook Ridge,” WinnDevelopment President Adam Stein said in a statement. “We are grateful for the efforts of the city of Malden and the Commonwealth’s support of this project so we can deliver much-needed rental and for-sale housing for households of all ages and incomes.”

The broader development plans have also included a separate, later phase with 120 additional homes in Malden and more extensive roadway improvements involving Route 1 access. Those homes were identified separately from the 617-unit phase in the city’s July 2024 planning report.

According to the city, the investment is expected to generate approximately 1,400 construction jobs, 140 permanent jobs, and an estimated $2.2 million in annual local tax revenue at full buildout.

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