58 units of market-rate housing on the way to downtown Lawrence
June 15, 2021 : The Eagle Tribune
LAWRENCE — MassDevelopment has partnered with with The Savings Bank to provide $7.6 million in loan financing to affiliates of developer Gamal "Jimmy" Salama for the redevelopment of two buildings that will add 58 units of market-rate housing in downtown Lawrence.
Ten existing retail spaces on the first floor of 578-590 Essex St. in Lawrence are expected to remain in place while two of the buildings vacant upper floors are set to be transformed into 30 market-rate housing units. Twenty-eight housing units will be built at 389-397 Methuen St., which shares a parking lot with the Essex Street address, according to MassDevelopment.
“As a kid I heard about how Essex Street was bustling with people and businesses, and investments like this project are now adding to its continued rebirth,” MassDevelopment President and CEO Dan Rivera said when announcing the partnership. “As a resident and former mayor of Lawrence, it’s especially sweet for me to see MassDevelopment partner with The Savings Bank to preserve retail and create much-needed housing in this area of downtown.”