Downtown Peabody Gets $4 Million Investment

PEABODY, MA -- The father-son development duo of Pat and Steven Todisco are overhauling 1 Main Street, a massive building that has long been considered an eyesore in Peabody's main commercial corridor. The Todiscos purchased the property at auction four months ago and have completely gutted the building. This week, they started construction on the property, which will soon house a Mexican restaurant and 20 new apartment units, as well as an expanded space for Brodie's Pub.

When finished, the duo will have invested $4 million in the building, Pat Todisco told the Salem News, which first reported the story in Monday's editions. La Siesta, which is moving to Peabody from Winthrop after 11 years in business, could be serving customers within three months.

"Everywhere we go people are so appreciative that we're taking something that’s been sitting there – an eyesore for the city for a long time – with unfulfilled promises from developers. My son and I are fulfilling our promise," Todisco told the newspaper.

The Todiscos have already received approval for Brodie's Pub. They will seek the rest of the required permits when they appear before City Council on November 16. While the family has lived in Peabody for 30 years, this is their first commercial real estate project.

For more on this story, see the Salem News. Subscribe to Peabody Patch for more local news and real-time alerts.

Patch file photo.

Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).