Peabody launches effort to redevelop 6 buildings

After more than a year of preparation, the Peabody City Council voted unanimously to lead the effort to redevelop six historic downtown buildings.

The $2 million project, which will create 13 second-floor apartments, will be funded through historic and housing tax credits.

The project includes six buildings vacated by Baker Furniture in late 2009. Shane Marler, the city?s economic development director, has been working with Christy Davis of Davis Preservation to prepare an application for housing tax credits.

In addition to Davis Preservation, which will assist the city with the development, the project team includes Treanor Architects and Midwest Housing Equity Group.

?We cannot leave our future to chance,? said Tom Schmidt, Peabody City Council member. ?We must be proactive in our efforts to ensure the future viability of our community.?

Council member David Scott said, ?This project will address a number of key issues for the City of Peabody. It will address housing concerns, and give Peabody a notable advantage in the recruitment of new businesses to the downtown corridor.?

Marler added, ?We are incredibly excited about this project. The historic buildings in Peabody?s downtown are what make the community unique.

Without them, Peabody would be just like every other community.

?So the redevelopment of downtown is incredibly important not only to the long-term marketing strategies of the community, but also for the economic stability of the area as a whole.?

The city will have word about the housing tax credit allocation this spring and plans to begin construction in late 2011.

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