TFMoran’s president Robert Duval attended the ground breaking ceremony of one of TFMoran’s multi-residential civil engineering projects in Nashua on Thursday, December 1, 2016. Also in attendance were project developer SMC Management Corporation of Watertown, MA; project architect DeStefano Architects of Portsmouth, NH; and general contractor Fulcrum Associates of Amherst, NH.
The New Hampshire Union Leader was on hand to cover the event and published the story the following day. “Large waterfront project breaks ground in Nashua” was the headline written by Union Leader Correspondent Kimberly Houghton. Click here for the link, or read text below:
NASHUA — A massive waterfront project that could potentially bring 750 apartments to the Gate City broke ground on Thursday, about 10 years after the concept was first discussed.
Officials broke ground on the first phase of Renaissance Downtowns’ Residences at Riverside Landing, which will provide an initial 152 luxury apartments close to the downtown area.
The entire project includes several phases of construction and a total of 750 residential units with various neighborhood amenities along the river.
“We need to provide good housing options,” Mayor Jim Donchess said during Thursday’s groundbreaking ceremony at 50 Bridge St. Local employers are desperate for new workers, and housing must be available in order for those potential employees to choose Nashua as their home, he said.
The Residences at Riverside Landing will initially include 152 studio, one and two bedroom units in two multifamily buildings, along with a 50-seat restaurant, retail and residential amenities.
“Right now, our region has a very low vacancy rate,” said James Vayo, a downtown specialist for the city and one of the individuals who helped spearhead the development project.
With few housing options available, he said, it drives up rental costs and creates less affordable housing in the city. The number of apartment units eventually built on Bridge Street will ultimately be determined by market demand, according to Vayo.
Jack Tulley, chairman of the Nashua Business Industrial Development Authority, said the new waterfront development will utilize a large piece of land that is currently unproductive, and instead put it to good use.
“BIDA is very excited to help shepherd such a wonderful project through the process, and to the benefit of the city,” he said.
The city has owned the Bridge Street property since the 1940s. Previously, city officials entered into negotiations with Renaissance Downtowns of New York to sell the property for redevelopment.
Once all of the construction phases are complete, the Bridge Street project will include not only housing, but also a community center, courtyards, a park and a community pool.
“This is a key gateway into Nashua,” said former Mayor Donnalee Lozeau, who was instrumental in helping to move the project forward. “We have such an opportunity here.”
Lozeau said the complex, once finished, will be within walking distance of a future train station being considered for Crown Street.
“The highest and best use for this site is residential property,” she said, praising all of the people who helped advance the project to this point.
Donchess agreed, saying the city is working hard to bring in new economic investment, and that housing projects are the catalyst to improving the vitality of Nashua’s downtown.
According to the mayor, the development will bring more than $250,000 in new property taxes to the city, and will have an overall economic impact of about $40 million.
It could take about 18 months to two years for the apartments to be completed and occupied.