Peabody To Buy 164 Rousselot Acres For $25 Million: Mayor Bettencourt

PEABODY, MA — Peabody Mayor Ted Bettencourt announced a $25 million agreement to buy 164 acres of open space owned by Rousselot Inc. — which does not include the former factory site — but that does include what he called "significant water sources" that will provide the city with millions of gallons of additional drinking water and further reduce the city's reliance on the Massachusetts Water Resources Authority.

Bettencourt made the announcement during his mid-term inauguration address to the City Council on Monday night.

He said the city will look to preserve the remaining open space in perpetuity — combining with the 80 Granite Street purchase and Meadow at Peabody Golf Course purchase to save nearly 400 acres in open space through city purchases over the past two years.

He told the Council he intends to appear before it later this month to discuss the acquisition and to request support for a purchase-and-sale agreement and bond order.

The open space purchase was one of a series of achieved or pending quality-of-life improvements he touted under his administration.

He also cheered the $20 million reconstruction of the Central Street corridor with work expected through 2027.

"It is going to be a monster," he said. "But it is going to be so beautiful when it is done."

Bettencourt celebrated the ongoing construction of the new public safety building, renovations to the Welch and Higgins schools and the forthcoming building of a new high school.

"The new Peabody Veterans Memorial High School will become the largest construction project in Peabody's history," he said. "It will require several years of hard work and determination. Once completed, however, the new school will be a source of great pride for our community and for the entire region."

He hailed the city's investment in public safety, education, infrastructure and quality of life paying dividends as he claimed the city delivers the high level of municipal services that residents expect, "while boasting one of the very lowest residential tax bills of any city or town in Essex County, and among the lowest in all of Massachusetts."

"As promising a year as 2024 was, I believe 2025 will be looked upon as a truly watershed year in our city's history," he said. "As we move forward together in a spirit of great optimism and promise."

(Scott Souza is a Patch field editor covering Beverly, Danvers, Marblehead, Peabody, Salem and Swampscott. He can be reached at Scott.Souza@Patch.com. X/Twitter: @Scott_Souza.)