State grants to fund 617 housing units at Overlook Ridge

The city of Malden announced Oct. 29 that the Healey-Driscoll Administration has awarded $11 million in state infrastructure grants to support the development of 617 mixed-income and affordable apartments and condominiums at Overlook Ridge, a project spanning Malden and Revere.

One grant, $4 million from the MassWorks program, will go to the city of Malden. Combined with a prior $4 million award and private funding from AC Residential LLC, formerly Veris Residential Trust, the money will pay for transportation improvements at the intersection of Overlook Ridge Drive and Salem Street. The work includes redesigning the intersection, connecting a shared use path along Overlook Ridge Drive to the Northern Strand Community Trail, and adding MBTA bus stops on both sides of Salem Street.

A second grant, $7 million from the HousingWorks Infrastructure Program, will cover site costs such as blasting, earthwork, roads and utilities needed to build 51 affordable homeownership condominiums on the Overlook property. Those units will be available to households earning between 80% and 120% of Area Median Income.

The full 617-unit plan also includes 99 mixed-income apartments for adults 55 and older, 157 mixed-income apartments for families and 310 mixed-income rental units.

Governor Maura Healey said in a statement, "We’re proud to deliver $11 million to support more than 600 new homes in Malden and Revere, while making major improvements to the Overlook Ridge Drive and Salem Street intersection to reduce congestion and improve safety."

Mayor Gary Christenson said in a statement, "These funds will allow us to move forward with long-needed roadway and safety improvements while creating hundreds of new homes, including affordable and workforce housing opportunities for residents."

WinnDevelopment President Adam Stein said in a statement the grants represent "a significant step towards the redevelopment of these parcels at Overlook Ridge."

Overlook Ridge, built on a former rock quarry, has grown to nearly 1,977 units over two decades, all market-rate rental to date. The project is expected to generate about 1,400 construction jobs, 140 permanent jobs and an estimated $2.2 million in annual local tax revenue at full buildout.

Source: Town of Malden announcement, October 29, 2026.

Checked against the record: before publication this article was automatically compared with the original announcement.