Residential rentals in Manchester lead market
by Mark Hayward
MANCHESTER ? The residential market is back, at least the rental market.
Brady-Sullivan Properties yesterday said it should start construction within the next two weeks on 178 apartments at Mill West, and discussed plans for another 98 at the West Side mill complex. The company also proposed fitting the six-story Bombshelter mill building off Eddy Road on the West Side for 49 two-bedroom apartments.
Meanwhile, the Manchester Planning Board last night approved a 195-unit, six-building complex to be built on unused land at St. Augustin Cemetery. Almost an afterthought: the development calls for 11 single-family homes.
Developers yesterday said occupancy rates are extremely high for medium to high-end apartments.
"The market's extremely hot for residential units," said Tim Sheldon, director of design for Brady-Sullivan. "When you put them in mills with beams and brick and overviews of the city, we'll have something no one has."
David Armanetti, director of residential real estate for The Richmond Company, said construction on the $20 million Legacy Park could begin as early as next month if state permits are issued. The south Manchester project could be ready for rental by next summer.
It will appeal to people who want new construction. It will also offer convenient access to the airport, South Willow Street and Interstate, he said.
"We feel we have separation (to Brady-Sullivan), being in south Manchester, Armanetti said.
Two years ago, Brady-Sullivan received permits for the 178 units: 100 in the top two floors of the main, McGregor Street building and 78 in an annex east of the mill building. But the economy slowed, and the company shelved the plans.
Sheldon estimated the work at $10 million to $12 million.
However, the company has decided against building a 237-car parking garage, which would have been financed with $3 million in low-rate financing through the federal stimulus program. Sheldon said the project did not work economically.
Last night, he asked the board for approvals for a second-phase of Mill West, which involves 98 units on the first and second floors. He estimated that work at $8 million to $9 million.
The Bombshelter is "a truly adaptive reuse," Sheldon said. With 8-foot ceilngs and concrete floors, it lacks the charm of mill buildings. But Sheldon said he is adding windows and, in some apartments, ceiling shafts, for light.
Sheldon said he has not determined rental rates for the Millyard units yet. He said they could be converted to condominiums when the market turns around. The apartments are being made with stainless steel, granite countertops and recessed lighting.
He said the apartments are needed because no one's building houses now. Both he and Armanetti said some of their tenants will likely be homeowners who have lost their homes to foreclosure.
NH to get $2M from feds to study rail project
Hodes said the rail project is important to New Hampshire's economy.
"This is the completion of the critical first step in the build-out," he said. "I think it's highly unlikely we would not want to move forward."
Hodes -- a Democrat who is running for U.S. Senate -- said the funding source points out the difference between him and his opponent in the Nov. 2 election. Republican Senate candidate Kelly Ayotte opposes stimulus funds.
Ayotte spokesman Jeff Grappone said the United States doesn't need a "bloated, wasteful stimulus package to examine the feasibility of commuter rail."
Grappone said Ayotte believes in strengthening the state's infrastructure but wants to ensure the rail project "doesn't have to be propped up by taxpayers for decades to come."
Mike Pillsbury, New Hampshire's deputy transportation commissioner, said the study will provide answers to necessary questions before moving ahead with the engineering and construction phases of the project.
"It really answers the questions: Is this feasible? Is there enough capacity there? Are there enough riders?" he said.
The project -- called the capital corridor -- calls for train stations in Concord, Manchester and Nashua, as well as at Manchester-Boston Regional Airport in Manchester.
Pillsbury estimated the study will take 18 months once a consultant is hired. Hiring an engineering firm to conduct the study could take several months, he said. Pillsbury said the study not only should show the benefits of having the high-speed rail connections, it also should show what needs to be done to provide the services.
He was optimistic the study would be the first step to winning future funding to complete the project.
The rail line being studied currently is a freight line.
Doesn't the Amtrak Downeaster already run through Plaistow (though not stopping there)? If so, there is no cause for complaint from neighbors if MBTA service is added to this.
Bedford adopts master plan
The Planning Board on Oct. 18 adopted the new Bedford Master Plan, a document that provides guidelines for the next 10 to 20 years of the town?s development.
More than a year in the making, the update drew on community input, demographic trends and development strategies to maximize the town?s quality of life and economic potential.
State law requires New Hampshire towns to update their master plans every 10 years.
?The master plan committee met with all the relevant agencies and people in town and took input from people like the Bedford Economic Development Commission and the Energy Commission,? Town Planner Rick Sawyer said.
Among the master plan?s main findings is that clustered, mixed-use development may be the best way to develop the town?s shrinking amount of buildable land.
A mixture of residential, commercial and public space, the mixed-use developments could offer Bedford?s aging population ? and younger workers ? a more walkable, less expensive alternative to the town?s subdivisions.
The plan also calls for increased pedestrian and bicycle networks to tie those developments together and provide an alternative to the town?s busy roads.
Sawyer said residents who attended master plan workshops were united in their desire for such an alternative transportation network.
?It was by far the one thing that was agreeable to everybody that came to those public input sessions,? Sawyer said.
Planning Board member Karen McGinley asked whether the town could start its alternative transportation network by putting bike lanes on roads that already have wide shoulders.
Public Works Director Jim Stanford said concerns over rights of way could initially make it difficult to build bike lanes along the town?s roads.
?The best way to do it is create a bike lane,? Stanford said. ?The problem is, when you?ve got an older community, you?ve really got the constraints of the right of way.?
Bedford?s complete master plan can be viewed online at www.vhb.com/bedfordmasterplan.