134-UNIT CONDOMINIUM DEVELOPMENT
(former) JB Thomas Hostpial
116 Central Street, Ipswich MA (Route 133)
The The Mega Group is pleased to present this 133-unit development opportunity available for immediate acquisition in Peabody Massachusetts, a designated Gateway City. There is a 25% affordable component under Chapter 40(b) equal to 34 units. Plans approved by the City of Peabody include fourteen (14) 3- bedroom units, sixty (60) 2-bedroom units, and fifty-nine (59) 1-bedroom units along with 221 on-site parking spaces.
The King’s Residences will be three buildings, creating the opportunity to complete the development project in phases. The buildings shall be five (5) total stories or about 49 feet in height overlooking the downtown and less than one mile from Route 128. On-site parking is 221 total spaces, 7 handicap accessible spaces, 72 standard spaces, and 142 compact spaces.
Subject all criteria under Chapter 40(b) including but not limited to financing requirements and development subject to the approval of local building codes. 25% of the residential units, or thirty-four (34) units shall be affordable at 80% of the Area Median Income (AMI) as published by HUD. Buyer to perform all due diligence as to current HUD criteria.
Chapter 40(v) Housing Development Incentive Program (HDIP)
HDIP provides Gateway Cities with a tool to develop market rate housing while increasing residential growth, expanding diversity of housing stock, supporting economic development, and promoting neighborhood stabilization in designated areas.
https://www.mass.gov/info-details/housing-development-incentive-program-hdip
Call or email for DropBox link and password to all due diligence materials.
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