SalemNews.com, Salem, MA

Business

April 16, 2014

Modern project linked to streetcar days

Salem Renewal to convert building into six apartments

(Continued)

In a practical move, and homage to the building’s past, there will be four parking spaces inside the long, rectangular building.

Monthly rents are expected to range from $1,800 to $2,400.

This is the latest project for Salem Renewal, which is credited with helping kick-start the condo boom in downtown Salem a decade ago by turning the rundown, former Shribman building next to City Hall into condominiums.

Other credits include the old Beef & Oyster (or Bleachers) property on Front Street, which also was turned into condos; a rooming house conversion on Salem Common; and a number of condos near the Dion Yacht Yard. Recently, Salem Renewal signed a deal to acquire the Temple Shalom building on Lafayette Street, which it plans to lease to Salem State University for academic programs.

Salem Renewal is drawn to properties that pose challenges, Pabich said. “The scarier the better,” he said with a grin.

Pabich said they hope to have the Webster Street apartment conversion completed by the end of the summer.

Tom Dalton can be reached at tdalton@salemnews.com.

 

 

 

 

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