A CLOSER LOOK AT THE EXCHANGE SALEM PROJECT
The Exchange Salem development will bring a transit-oriented, mixed-income apartment community to the site of the municipal parking lot - formerly known as The Crescent Lot - adjacent to the city’s MBTA station and parking garage. The proposed building is the new construction component of a hybrid development plan that will also includes the adaptive reuse of the historic Salem Superior Courthouse and County Commissioner buildings located nearby at 32 and 34 Federal Street.
The $46 million construction effort will create a true mixed-income community to advance the City’s goals for more affordable and workforce housing in the area, offering a range of affordability and apartment sizes -- 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 (AMI); 22 will be reserved for low-income individuals; 20 will serve middle-income households; and 18 will be rented at market rates.
The development’s design embraces the changing elevations of the site by
adding open space on the river level while also improving pedestrian and bicycle connections leading to and from the higher Bridge Street elevation and the lower level MBTA station.
The Exchange will be built to be certified as Passive House, the most rigorous science-driven, building energy performance standard in the world for high-energy efficiency and minimal carbon footprint.
The 118,580-square-foot building will offer approximately 60 spaces in a ground floor parking garage, and approximately 13,000 square feet of retail space to serve pedestrians and MBTA commuters.
Financing for The Exchange is being provided by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) , MassHousing, the Salem Redevelopment Authority, the City of Salem, the North Shore Home Consortium and Bank of America. Construction is expected to be completed by end of 2027.