PEABODY — City and state officials celebrated the extensive $49.3 million rehabilitation of what was the former leather tannery building, now known as Preserve North Residences, a 284-unit affordable-housing community.
“This was a collaborative effort between the Department of Housing and Community Development at state level, the City of Peabody using its community preservation funds, and WINN development, and securing the property so that it did not go to market-rate housing to a private developer, just about 240 units of low-to-moderate income housing that could have been lost,” said state Rep. Thomas Walsh.
Walsh said that WINNCompanies over the last two years have made several improvements to the property. Many of the parking lots have been resurfaced, a community laundry room and security at the entrance were introduced, said Walsh.
“They really brought it up to today’s standards,” he said.
State Sen. Joan B. Lovely said that Preserve North has preserved 235 affordable units to the housing stock when Massachusetts residents are in critical need of affordable housing options.
“This development pays homage to our city’s past. Once the epicenter of Peabody’s leather industry, this facility carries forth the legacy of helping preserve and enhance the longevity and future of Peabody residents,” said Lovely.
The ribbon-cutting ceremony culminated an effort that began in the fall of 2018 when Massachusetts housing officials designated WinnCompanies as an affordable housing developer to try to acquire the four-building complex to prevent it from being sold to a market-rate developer as deed-restricted affordability protections for its residents expired, WINN said in a statement.
“It was a great honor for us to have the chance to protect and dramatically improve a property that holds a critical position in the history of Peabody and in the community’s affordable housing inventory,” said Larry Curtis, president and managing partner of WinnDevelopment.
Now, 35 apartments in the development are restricted to households earning less than 30 percent of Area Median Income, 165 units are reserved for households at or below 60 percent of AMI; and 35 apartments are set aside for income-averaging rents at below 80 percent of AMI, the company said. The number of Americans with Disabilities Act compliant apartments increased from 14 to 22, creating 15 units for mobility-impaired residents and seven for the sensory impaired.
“It was a great example of public-private partnership,” said Mayor Edward A. Bettencourt, Jr.
Bettencourt said the City contributed $1.7 million from the Community Preservation Act and Inclusionary Zoning funds to make sure that the units remain affordable, while WinnCompanies paid for the repairs of a collapsing dam and retaining wall on the property, which were later conveyed to the City.
Bettencourt said that the plan to make those units market-rate would have jeopardized Peabody residents’ ability to stay in those units.
“It was important to work on behalf of our residents to preserve the affordability of those units, so that they could have peace of mind and the ability to stay where they are,” said Bettencourt.
Built in the late 1800s by Arthur C. Lawrence as an industrial leather tanning facility, the property had a decaying 225-foot brick chimney, which was taken down to 15 feet and converted into a memorial recognizing the site’s critical role in fueling Peabody’s industrial growth during the early 20th century.
“Peabody’s leather history is a truly American story — one of ingenuity, hard work and community,” said Deborah Eskenazi, vice chairperson of the Peabody Historical Commission.
Now, at the center of the 289,000-square-foot campus is a three-story community building connected to two seven-story brick apartment buildings via enclosed skybridges. An additional four-story apartment building is located nearby. There are 20 studio apartments, 234 one-bedroom apartments and 30 two-bedroom apartments contained in the three residential buildings.
WinnDevelopment Executive Vice President Adam Stein, who led the project, managed to tackle significant maintenance issues, including cracked exterior masonry, sagging roofs and obsolete HVAC, and plumbing and fire protection systems, the company said in a statement.
Workers have also installed new windows, energy-efficient kitchens and bathrooms, flooring, light fixtures, video intercoms and security systems in resident apartments, as well as the property’s first-ever tenant lounge, fitness center, and mail room, along with an expanded laundry room. The courtyard, landscaping, and parking were improved too.
“This is a terrific outcome for the lower-income residents of Preserve North, who will continue to be able to live affordably in downtown Peabody in a completely renovated building with some added amenities,” said MassHousing Executive Director Chrystal Kornegay.
Oksana Kotkina can be reached at [email protected].
