- $4 million from MassWorks for the intersection and $7 million from HousingWorks for site costs.
- 617 planned homes, including 51 condos aimed at the 80% and 120% of AMI income tiers.
- 617 is the planned total; the announcement gives no application details.
Where the money goes
The $4 million MassWorks grant, together with an earlier $4 million award and private money from AC Residential LLC, will rebuild the intersection of Overlook Ridge Drive and Salem Street. The project adds MBTA bus stops on both sides of Salem Street and links the Overlook Ridge Drive path to the Northern Strand Community Trail.
The $7 million HousingWorks grant covers blasting, earthwork, roads and utilities for the condominium parcel.
The 617 homes
Across four parcels: 51 workforce condominiums aimed at households at 80% and 120% of AMI, more than half with two or more bedrooms; 99 mixed-income apartments for residents 55 and older; 157 mixed-income family apartments; and 310 mixed-income rentals.
Overlook Ridge spans Malden and Revere on a former rock quarry. About 1,977 apartments have been built over two decades, all market-rate rentals. The city says only 5 income-restricted ownership homes had been funded in Malden before this.