Located just 20 miles north of Boston, Peabody is a city of 51,000 that combines a vibrant downtown atmosphere surrounded by quintessential New England neighborhoods. Peabody is also home to the Northshore Mall, one of the region's largest shopping centers, as well as Centennial Park, a growing hub for medical and technology companies. In just the last 3 years, the City of Peabody has invested $8 million dollars to add aesthetically pleasing landscape, lighting and open space enhancing the architectural gems that make up our downtown. Projects provided for pedestrian friendly environments and motorist safety.
Your business will directly benefit from this as well as:
34,000 cars daily utilize the Main Street corridor
Ease of access to all major highways
Low utility costs through municipally owned light plant
Dedicated Business Liaison to help navigate the process from start to finish
Micro loans to help with space build out, supplies, furniture or equipment
Branding program to create a unified destination experience
Outside the Box public art program
Flooding Perception vs Reality
Yes, we said it. We mentioned the F word. There is the perception and there is the reality.
Most people assume our downtown is under several feet of water each time we have heavy rainfall. The reality is, we have not experienced a major occurrence in 10 years ago due to a concerted effort towards flood mitigation, including:
Implementation of an extensive culvert revitalization and cleanup program to ensure proper flow through our existing culvert system. (Years of no maintenance of these culverts had resulted in them getting clogged. Now they are subject to regular annual maintenance.)
Investment in up-stream retention and storage to reduce the volume and velocity of water in the downtown during heavy rains. The City purchased open spaces, built retention ponds, and created smart run-offs like the Veterans park, building it to absorb the water.
The North River Corridor, adjacent to Main Street, is targeted as a Transformative District Initiative in conjunction with MassDevelopment and Sasaki Associates to revitalize the area and incorporate flood mitigation projects.
The City of Peabody continues to make a commitment to incorporate water maintenance in all future development. Today, only a handful of businesses are occasionally impacted and typically not for longer than 6 hours.
Lease it Local Grants
Through the partnership of the City of Peabody, Mass Development and Peabody Area Chamber of Commerce we have grant money available to help entrepreneurs in the creative economy open a business downtown. Money can be used to subsidize rent, marketing, materials, equipment, etc. For full details, click here.
Facade Improvement Program
Whether you own the property or just the business, the City of Peabody has a 0% interest Facade Improvement Program you can take advantage of to get a new sign, awning, windows, doors, window letter, power washing, etc. Click Here for more information.
Community Development Authority Business Loan Program
The City of Peabody's proactive approach to economic development resulted in the establishment of a revolving loan pool of funds administered by the Department of Community Development and Planning and a five member quasi-public Community Development Authority (CDA). The Business Loan Program is a flexible source of loan funds for commercial, mixed use and industrial projects, the purpose of which is to encourage the creation/retention of quality jobs and to increase the tax base. Click Here for more information.
Micro Loans are available from the City of Peabody to help start or grow your small business. Loans range from $10,000-$50,000 and can be used for space build out, supplies, furniture or equipment. For more information, contact Community Development Office at 978-538-5771.
MassDevelopment's Transformative Development Initiative (TDI) is a place-based development program for Gateway Cities designed to enhance local public-private engagement and community identity; stimulate an improved quality of life for local residents; and spur increased investment and economic activity. In the City of Peabody, we are working to improve the Walnut Street corridor, connect it to Main Street and address additional flood mitigation. View the plan.