New Salem Condo Complex Near Completion in The Point

The Salem News reported that construction is being completed on Palmer Cove Condominiums, new, three-story building with 15 condos with prices ranging from $142,500 to $191,000, at the end of Congress Street.

According to the Salem News article, built by Salem Harbor Community Development Corp., a nonprofit agency that manages about 150 apartments, this development is significant because it is the first condominium complex in this neighborhood in decades (or maybe ever). The area, known as The Point, a low-income neighborhood across the South River basin, had so far being bypassed by the condo and restaurant boom that rejuvenated the Salem downtown.

The project tackles head-on one of the neighborhood's biggest issues – lack of homeownership. While Salem is split evenly between renters and home owners, The Point is almost all renters – 82%, according to the 2000 census. This Palmer Cove Condominiums project follows several smaller condo conversions in The Point, officials say, and continues an encouraging trend.

Read the entire Salem News article.