SALEM, MA — A long-planned mixed-income housing project next to Salem's commuter rail station has secured financing, clearing the way for construction of a 115-unit apartment building on a former municipal parking lot at the northern gateway to downtown.
WinnCompanies said it secured $48 million in financing for The Exchange Salem — a seven-story building that will include 20 studios, 60 one-bedroom units and 35 two-bedroom units.
Of the 115 apartments, 55 will be available to households earning up to 60 percent of Area Median Income, 22 will be available at incomes up to 30 percent AMI, 20 will serve middle-income households, and 18 will be rented at market rates.
The project grew out of a 2019 Request for Qualifications issued by the Salem Redevelopment Authority after a multi-year community engagement process. WinnDevelopment was selected in November 2020.
Construction is expected to be completed in early 2028.
"This project will deliver long-held public and economic goals for the city of Salem, creating housing local workers can afford and improving the public realm connecting North Salem and the city's downtown," said WinnDevelopment President Adam Stein.
Mayor Dominick Pangallo said the development will create commuter-centered housing while also maintaining the historic character of the neighborhood.
"This signature project will help Salem meet its housing needs through a mixed-income development directly adjacent to our commuter rail station, while also creating an opportunity to preserve and reuse our magnificent historic courthouses," Pangallo said.
At the same time, WinnDevelopment is starting rehabilitation work on two historic courthouse buildings across the street for future adaptive reuse.
Windover Construction will begin exterior work on the former Salem Superior Court Building, built in 1841, and the adjacent former County Commissioners Building, built between 1861 and 1891.
Plans for the building call for about 60 spaces in a ground-floor parking garage, about 1,300 square feet of street-level retail space, public open space at two elevations, and pedestrian connections linking North Salem and downtown.
WinnDevelopment said the MBTA worked with the company and the Salem Redevelopment Authority on land assembly, easements and utility coordination.
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