State OKs Money for Peabody Square Reconfiguration Project

Massachusetts Housing and Economic Development Secretary Greg Bialecki has announced the commonwealth is giving Peabody $1.5 million in MassWorks grants to “support the Peabody Square Reconfiguration Project.”

The money will pay for “adding new lighting, pedestrian crosswalks and safety features. The redevelopment in Peabody Square will support 73 new residential units, the renovation of 124 existing residential units, a 54-room boutique hotel and commercial space,” according to the state.

“By working with our local communities to identify opportunities to support growth and spur regional development we are strengthening our communities where residents can live, work and play,” said Bialecki.

State Rep. Ted Speliotis said, “This is a wonderful momentum builder for Peabody.”

The state will also give Salem $2.5 million to Salem to “reconfigure the intersection of Dodge Street and Washington Street and will relocate a number of public utilities and the reconfiguration of an intersection to support a 190,000 square foot mixed-use development including a hotel, 81 housing units and commercial space in Salem. The investment in utility and road configuration will allow the Riley Plaza East parking lot to be configured into development space.”

“I am very excited to welcome Secretary Bialecki back to Salem for this important announcement,” said Salem Mayor Kim Driscoll. “The Office of Housing and Economic Development has been a terrific partner with our City in our continual efforts to create jobs, support our businesses, and grow our housing supply. The level of support the Patrick Administration has devoted to Salem over the years, especially when it comes to critical projects such as this one, have truly helped to transform our community for the better.”

The Massworks program “provides a one-stop shop for municipalities seeking funding to support housing, economic development and job creation with a particular emphasis on assisting communities to advance multi-family housing development.”

“This $4 million in MassWorks grant funding allows the cities of Peabody and Salem to pursue important public improvement projects that will advance the North Shore’s economy by creating additional housing and commercial space,” said state Sen. Joan Lovely. “I’d like to thank the Executive Office of Housing and Economic Development for making this significant investment that will help with the revitalization of downtown Peabody and the economic development of Salem.”