Construction has started on The Exchange, a seven-story building with 115 apartments on a former city parking lot opposite Salem station, Banker & Tradesman reported Oct. 2. Beverly-based Windover Construction is building the project. Reporter Steve Adams wrote that the building is due in early 2028. Cube 3 of North Andover designed the 118,580-square-foot project, including a 60-space garage and 1,300 square feet of retail.
Banker & Tradesman reported that WinnCompanies closed a $48 million financing package drawing on 25 sources. The apartments will serve households ranging from market rate to incomes at or below 30% of area median income, the report said.
Related work is starting on two older buildings. WinnDevelopment is starting work to turn the former Salem Superior Court and the former County Commissioners building, both from the 19th century, into residences. Windover is in charge of that conversion too.
Tom Daniel of the Salem Redevelopment Authority told Banker & Tradesman the courthouse plan "has grown into a comprehensive redevelopment effort" that adds mixed-income housing and better links between North Salem and downtown. The authority offered the station lot in 2019 and chose WinnDevelopment in 2020. Adams reported state and federal low-income housing tax credits among the sources. Bank of America provided the construction loans and will be the tax-credit investor.