Exchange Salem Apartment Complex Gets Planning Board Approval

SALEM, MA — Construction on a proposed 120-unit apartment complex next to the Salem MBTA station could begin in the second half of 2024 after the Salem Planning Board approved WinnDevelopment's proposal for The Exchange Salem on Thursday night.

The complex is set to be built on the one-acre municipal parking lot next to the train station at 252 Bridge Street and will include a mix of studio, one-bedroom and two-bedroom apartments. WinnDevelopment said that about half of the apartments will be priced at what is considered "affordable housing" rates, while the remaining units will be market-rate apartments.

"We thank the Planning Board for unanimously endorsing our proposal to bring this important transit-oriented, mixed-income housing development to Salem," WinnDevelopment Senior Project Director Ramie Schneider said in a statement provided to Patch. "The 120 apartments at The Exchange Salem will deliver much-needed rental homes to a range of residents — especially those who work in the city's dynamic economy.

"The approved plans are the product of a true public-private partnership."

The Salem Redevelopment Authority approved the design review on Dec. 18.

"We appreciate everyone who worked constructively with us to improve various aspects of this $50 million project during the past year," Schneider said.

WinnDevelopment will next move to secure financing for the project along with continuing plans to redevelop the Salem Superior Courthouse and County Commissioner buildings on Federal Street into housing and mixed retail.

Schneider said he expects detailed plans for that project to be submitted later in 2023.

(Scott Souza is a Patch field editor covering Beverly, Danvers, Marblehead, Peabody, Salem and Swampscott. He can be reached at Scott.Souza@Patch.com. Twitter: @Scott_Souza.)