A Closer Look At The Final Phase Of the Overlook Project
The final phase of development at Overlook Ridge proposes to complete the original vision for the master-planned community to feature additional apartment homes, including affordable and workforce housing, and a limited-service hotel and neighborhood retail uses.
When completed, the development of the four remaining parcels would create 737 new apartments, of which 219 (30 percent) would be affordable, a 112-room hotel and 13,775-square-feet of retail space to serve the community. Plans for each site are described below.
In conjunction with state plans to widen Route 1, the proposed development also would remedy existing traffic challenges for residents, guests and commuters, improving safety for the public and pedestrians. Those plans are described on the Traffic Improvements page of this web site.
LOT 13
LOT 13: WinnDevelopment proposes a two phases of housing on this Malden parcel. The first phase would feature 100 age restricted apartment for active adults ages 55 and older, with 80 of the units considered affordable housing. The second would be 207 mixed-Income apartments, with 42 units set aside as affordable and 50 available for workforce (middle income) households. Lot 13 will satisfy the Lot 14 Inclusionary Zoning obligations.
Based on state law, all 307 units in this development would count toward the City of Malden's Subsidized Housing Inventory. Malden residents will benefit from a local preference for the income-restricted units.
The Joint Planning Task Force, which is comprised of a resident representative, Ward Councilor, City Planner and Mayor's Representative from Malden and from Revere, approved this project, along with the plans for Lot 14, on May 17, 2023. On June 1, 2023, Ward 8 Malden City Councilor Jadeane Sica formally filed the zoning change needed to develop multifamily housing on Lots 13 and 14, beginning the local review and approval process.
The proposed workforce/middle income housing segment on Lot 13 would be designed for individuals and families who have been priced out of the Boston area’s white hot rental market, earning too much income to qualify for traditional affordable housing programs but not enough to afford market rate rents.
LOT 14
LOT 14: This parcel is located in Malden. Veris Residential Trust is proposing a 120-unit market rate apartment community, along with a small 112-room, limited-service, four-story hotel with 4,400 square feet of retail services. The retail aspect is designed to serve the residents of Overlook Ridge and reduce car trips to and from the site.
The Joint Planning Task Force, which is comprised of a resident representative, Ward Councilor, City Planner and Mayor's Representative from Malden and from Revere, approved this project, along with the plans for Lot 14, on May 17, 2023.
On June 1, 2023, Ward 8 Malden City Councilor Jadeane Sica formally filed the zoning change needed to develop multifamily housing on Lots 13 and 14, beginning the local review and approval process.
LOT 15
LOT 15: This parcel is located in Revere. Veris Residential is proposing 310 mixed-income apartment homes for this parcel, of which 47 would be considered affordable housing and count toward the City of Revere's Subsidized Housing Inventory (SHI).
LOT 1
LOT 1: This parcel is located in Revere. Veris Residential is proposing to build 9,375 square feet of neighborhood-service retail space near the existing fire station. In conjunction, it would straighten Overlook Drive and redesign the intersection of Overlook Drive and Salem Street to install a traffic signal.