Peabody Among 6 Gateway Cities Named In MassDevelopment Initiative

PEABODY, MA — Peabody was among the six Gateway cities chosen to be part of a MassDevelopment Transformative Development Initiative designed to accelerate growth in downtown neighborhoods or commercial districts.

Peabody joins Chelsea, Fitchburg, Holyoke, Lowell and Malden for the program that will make available technical assistance, grants and other development tools over a three-year period.

"MassDevelopment's Transformative Development Initiative brings a full-time economic development professional and a suite of tools and resources to help cities advance a shared vision for their downtown or commercial district," said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment's Board of Directors. "We look forward to seeing how this program continues to help communities strengthen local partnerships, support small businesses, foster vibrancy, and lay the groundwork for additional investment."

“Since its creation in 2015, we’ve seen our Transformative Development Initiative help Gateway Cities kickstart meaningful revitalization by empowering community members, providing collaborative leadership, and injecting resources to advance key real estate, small business, and creative economy projects,” said MassDevelopment President and CEO Navjeet Bal.

"The Transformative Development Initiative has helped Gateway Cities across the Commonwealth spur economic growth, revitalize neighborhoods, and position communities and residents for long-term success," said Senator John Cronin (D–Fitchburg), Co-Chair of the Gateway Cities Legislative Caucus.

TDI uses an accelerator model, committing intensive resources for a defined period to real estate development, small business stability and growth, arts and cultural amenities, placemaking, and targeted technical assistance and strategic planning.

TDI districts are walkable, dense environments that have the potential to attract investment, inspire a wave of growth, and transform Gateway Cities. Since 2015, MassDevelopment has invested $50 million in TDI districts through tools such as technical assistance, real estate investments, grant programs, and fellows who work in the districts.

MassDevelopment previously designated 28 TDI districts across the Commonwealth and provided other support through the TDI Creative Cities program, in partnership with the Barr Foundation, to four additional cities.

During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.