Kings Residences will not only provide quality new affordable living, it will also strengthen the economy of Peabody, which has missed out on the J.B. Thomas Hospital site’s full tax potential since the former medical user left.
The community benefits this project will bring include:
Commerce - Jobs - Tax Revenue - Traffic
Aesthetic Transformation - Affordable Housing
Minimal Impact on Schools - Emergency Services not Greatly Impacted
Commerce
- Boosts commerce for local merchants with a new customer base to attract
Jobs
- 30-50 construction jobs created over the build out period
- 3-5 permanent condominium management jobs created
Tax Revenue
- Approximately $407,000 per year generated in tax revenue for Peabody
- That is over 4 times more than the current tax yield to support local schools, infrastructure & services
Traffic
- No significant increases in overall traffic volumes or traffic delays according to Traffic Impact Assessment
- 362 new vehicle trips entering and exiting respectively on an average weekday including 48 total trips during morning peak hour and 59 trips during evening peak hour.
- Bicycle racks and vehicle parking available on-site
Aesthetic Transformation
- The site will be cleaned up at the developer’s expense and replaced with a freshly landscaped setting
Affordable Housing
- Approximately 34 units will be included as Affordable Housing.
Minimal Impact on Schools
- A maximum of 27 school-age children added to the district
- Significant tax revenue will be generated to support the district
Emergency Services Not Greatly Impacted
- No anticipated increase in emergency services as a skilled nursing facility could create.