Nashua Telegraph, December 2, 2016.
By DAMIEN FISHER Staff Writer NASHUA – Years of work cumlinated in Thursday’s official groundbreaking on the new waterfront housing development on Bridge Street. “This project has been in the making for 10-plus years, and I am pleased to see it come to fruition,” Nashua Mayor Jim Donchess said.
The project is owned by Renaissance Downtowns and will be called The Residences at Riverfront Landing. Construction on the Bridge Street property near where the Merrimack and Nashua rivers meet is set to begin before the end of the year. Once complete, it will offer 152 units as part of a multi-family housing complex. Employers have continuously told city leaders that finding a qualified workforce is difficult in Nashua partly due to the lack of affordable housing in the city.
This new development will ease the housing shortage, Donchess said, and make it easier for employers to hire within the community. Donchess said the work to get the project done could not have happened without former mayors Donnalee Lozeau and Bernie Streeter, as well as Nashua’s Business and Industrial Development Authority.
The BIDA’s Jack Tulley said the location of the property, right by the rivers and near the border with Hudson, makes it a perfect spot for a new development. The BIDA was tasked almost two decades ago with identifying properties in the city that could be developed. The Bridge Street property was long seen as a perfect spot for development. “This is a gateway to the city,” Tulley said. Lozeau has hopes the project will be the start of something on this end of the city. The property is near East Hollis Street, which could use attention. “This project is hoped to be a catalyst for this whole area of the city,” she said.
Renaissance has teamed up with regional developer SMC Management and general contractor Fulcrum to construct the project. Once The Residences at Riverside Landing is built, the project is estimated to bring over $250,000 in new property taxes to the city, support hundreds of new construction jobs and have a total economic impact of over $40 million. In addition, there are infrastructure improvements slated along Bridge and East Hollis streets, including a partnership with Renaissance to make a private investment toward the project along with the state making a $3.6 million roadway improvement to help the flow of traffic.
Riverside Landing is set to cater to young professionals and offer luxury housing on the cusp of the downtown. The units will have waterfront views and be in walking distance to the proposed passenger rail station. The project features studio, one- and two-bedroom units in two buildings, a 50-seat restaurant, convenience-based retail and residential amenities. Donchess wants to see a continued focus on housing issues, and he hopes that the BIDA will work on getting more housing for the downtown area of the city. “We are working hard to bring in new economic investment, and these housing projects are the catalyst to improving the vitality of our downtown, including increasing the property values of property owners in the downtown,” he said. Damien Fisher can be reached at 594-1245 or email@example.com. © 2014, The Telegraph, Nashua, New Hampshire