MANCHESTER — A commercial property on Depot Street that belongs to the town could be turned into a mixed-use property, potentially adding as many as 40 units of housing at different price points.
The property, located on Depot Street and backed up to Center Hill Road — between Price Chopper and the complex that includes Subway and Starbucks — comprises three buildings and a large parking lot. A committee made up of Select Board members, residents and town employees has been tasked with considering options for the site, said Town Manager John O’Keefe.
The Select Board approved spending $100,000 of the town’s American Rescue Plan Act funds to put together a plan and hire Burlington real estate development firm Burke & White to manage the project.
The plan is to develop the property into a mixed-use development, with office or commercial space and multi-family residential units.
O’Keefe said the town owns the property, which is leased through March 31, 2023. The town wants to have a plan in place on what to do with the property before that time comes.
The property has been improved during the lease, with the addition of an elevator and HVAC improvements as the second floor was developed. The town has agreed to pay $100,000 at the end of the lease to compensate for the improvements.
Several ideas have been floated for the commercial space but O’Keefe said all ideas include some type of housing on the property.
“In the back, we’re definitely looking at housing,” O’Keefe said. “This is one place, in the short term, we could have a big impact.”
The current thoughts are to build a development that includes 40 units of mixed workforce and market-rate housing.
One option being considered is for the town to maintain ownership and move the town offices into one of the buildings, with the potential for the local Supervisory Union to also move onto the property. Under this plan, the third building would be leased for office space or retail. The town could then partner with a housing developer to construct multifamily housing on the back portion of the lot.
“Some people think we should move town hall down there,” O’Keefe said, adding that those people include members of the Select Board and some town staffers. “I’m kind of agnostic about it.”
O’Keefe said the current town hall has been improved but does need some more work.
The town could also choose to sell the property to a developer who would develop it in line with the town’s goals.
“We have an interest in developing something down there that’s consistent with the town plan,” O’Keefe said. “If we just sell it off for retail, we’d probably get pretty good money. More money in fact. But there’s a consensus out there that we need housing.”
O’Keefe said there are plenty of three- and four-bedroom housing options but not a lot of one-bedroom options.
He said the property is listed at $2.6 million for tax purposes.
“As a community, we have to decide if we want to take the money and run,” O’Keefe said. “Or take some lesser number because it’s doing something the community wants. If we’re putting housing on that site, we’re going to get less than if we’re just selling it off.”
O’Keefe said the town also recognizes that mixing business and residential space downtown creates a more vibrant community.
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November 09, 2021 at 06:30AM
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