City legislature approves $1M sale of former Employment Security building

The Concord city legislature has motionless to drastically change a landscape of South Main Street by offered a former New Hampshire Department of Employment Security building to an out-of-state genuine estate company.

The city voted to sell a property, along with a Fayette Street parking lot, to Dol-Soul Properties, a developer out of Woburn, Mass., for $1.08 million during Tuesday night’s meeting. The legislature also voted to change a zoning around a building and to top a project’s impact fees during $150,000, that is a $25,000 bonus from a normal impact price schedule.

The suit gives Dol-Soul a possibility to “fix a one hole in a smile” that is Concord’s downtown renovation, pronounced Drew Dolbin, executive clamp boss of a Dolben Companies, referring to a building’s rather nauseous appearance.

“We consider this sold mark is an sparkling place,” he said, after adding, “The plcae on Main Street is a singular event to do something special.”

However, sale of a building could take adult to a year, city officials said.

That’s since a city wants to make certain a devise is sealed in before giving adult a building, according to Matt Walsh, Concord’s executive of redevelopment, downtown services and special projects. The sale agreement comes with a array of conditions, including that Dol-Soul get all of a permits, financing and building contracts in place before a city lets go of a property.

Similarly, Walsh pronounced a dispersion of a building, that will be finished with taxation increment financial supports from a Sears Block TIF District, will not take place until Dol-Soul progresses to a certain indicate in a project.

The growth devise is for a seven-story building with 5,000 retard feet of blurb space and 109 market-rate apartments, trimming from studios to two-bedrooms. Between 50 and 100 parking spaces would be included, presumably including some subterraneous parking.

That’s reduction than what a city requires for residential spaces of that size, so a offer calls for a city to emanate a assent complement around a new bidding and yield adult to 82 permits to tenants to use in a series of city parking lots and spaces. That bidding will have to be combined in a entrance months.

The devise also called for rezoning a whole 1¼-acre retard between South Main and South State streets, bordered by Thompson and Fayette streets, to what is famous as Central Business Performance. This would concede 80-foot-tall buildings instead of a stream 45-foot building limit, and would mislay mandate for building reversal and for on-site parking.

The rezoning covers Eagle Hall, a Equality Health Center and a private home that is divided into let units. The rezoning will give a owners a choice to enhance into stream parking areas, and it would expected impact their destiny sale value, Walsh said.

The city bought a building and lot for $1.58 million in 2014 and has spent several hundred thousand dollars to weatherproof it. The city also paid about $2 million to bury a energy lines in front of a site during a Main Street project. Overall, a city has spent $3.27 million to redevelop a stream building.

But Walsh pronounced a city stands to benefit not usually from carrying some-more apartments tighten to a downtown; there is also a financial impact. The building would have an assessed value of $12.5 million, and is estimated to move in $5.6 million in revenues over a march of 10 years, a bulk of that would be finished adult of skill taxes and a sale of a property. Overall, he said, a growth would move in a net lapse on investment of around $2 million.

Aside from Dolben, usually dual people spoke about a devise during a proposal’s open hearing. Tim Sink, boss of a Greater Concord Chamber of Commerce, pronounced a Dol-Soul growth would be a bonus for bringing some-more immature professionals to a city and would serve vitalise a city’s downtown.

“The miss of let housing in a city is a cause in businesses being means to partisan talent,” he said.

“This would be an mercantile shot in a arm,” he added.

Roy Schweiker, who is using for mayor, pronounced he felt differently.

“The city needs to quit giving downtown all a income if it wants to repair itself adult and compensate for a police, glow and schools,” Schweiker said. He after added: “Every growth has been a negative, since all a income goes to a TIF district, and everybody else has to compensate for it.”

Dol-Soul Properties is a organisation consisting of 3 entities: a genuine estate organisation called Dolben Co. Inc. formed in Woburn, Mass.; Vermont developer Ari Souliotis, who owns a series of Dunkin’ Donuts locations in that state; and Tim Vanech, first partner of a Norwood, Mass., investment organisation called Shorepoint Capital Partners.

Dol-Soul Properties owns Pembroke Place on Manchester Street and Penacook Place on Fisherville Road in Concord.

Concord will have to compensate about $300,000 to explode a building; movement to suitable those supports was pushed to subsequent month, as law requires capitulation of TIF supports be finished during slightest 15 days after a open hearing.

Walsh pronounced construction on a devise could start as shortly as subsequent summer or fall, with execution probable in late 2019 or early 2020.

(Caitlin Andrews can be reached during 369-3309, candrews@cmonitor.com or on Twitter during @ActualCAndrews.)

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