Image courtesy of Cube 3

Beverly-based Windover Construction has begun construction of 115 apartments in downtown Salem, where WinnCompanies recently completed a $48 million financing package comprising 25 sources.

The 7-story Exchange Salem project replaces a former municipal parking lot opposite Salem station on the MBTA commuter rail. Completion is scheduled for early 2028.

Designed by architects Cube 3 of North Andover, the new building spans 118,580 square feet and will include a 60-space ground-floor garage and 1,300 square feet of retail space.

The residences will be offered at a range of income levels, from market rate to households earning a maximum 30 percent of area median income.

“What began as a vision to preserve and breathe new life into Salem’s historic courthouses has grown into a comprehensive redevelopment effort that will create mixed-income housing, improve connections between North Salem and downtown, and strengthen this important part of the city for generations to come,” Salem Redevelopment Authority Tom Daniel said in a statement.

WinnDevelopment is simultaneously starting the conversion of two 19th-century buildings – the former Salem Superior Court Building and the former County Commissioners building – into residences.

Windover Construction is overseeing the adaptive reuse project.

The project received state and federal low-income housing tax credits, and financing through the Massachusetts Executive Office of Housing and Livable Communities, MassHousing, city of Salem, Salem Redevelopment Authority and North Shore Home Consortium.

Bank of America provided construction loans and will be the project tax credit investor.

The Salem Redevelopment Authority offered the site to private developers in 2019 through a request for proposals, and selected WinnDevelopment’s plan in 2020.