The Massachusetts Housing Finance Agency has given site approval to King’s Residences, the development of 133 condo units at the site of the former J.B. Thomas Hospital in Peabody.
Site approval allows for an application submission to the Peabody Zoning Board of Appeals for a comprehensive permit under Chapter 40B. Peabody is currently short of the 10% subsidized housing minimum in order to prevent a developer from bypassing local zoning (in favor of less restrictive state zoning) in order to develop affordable housing. The proposed project would have 34 for-sale, affordable units, 25.56% of the total project.
A letter writing campaign had been organized to oppose the project getting site approval. There are still steps required of the developer by the site approval letter, such as a traffic impact study and long-term maintenance plan.
The developer now has two years to apply for a comprehensive permit before the approval expires.
