Penacook Landing Development Opportunity

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 29836122
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Vacation/Resort, Other
Status: Pending
Gross Land Area: 2.82 Acres
Sale Price: $540,000
Unit Price: $191,489 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/17/2019

Overview / Comments

This 2.82+/- Acre site is being offered by the City of Concord. Mixed use is strongly preferred; however the City is open to entertaining multifamily residential and other forms of commercial development. The City also strongly desires to retain that portion of the site for a new public park along the Contoocook River.

The property is in the heart of Penacook Village within walking distance banks, medical I dental offices, restaurants and niche retail shops.

The property is also located within a Tax Increment Finance ("TIF") District. Subject to negotiations with the Developer, the City is open to using the TIF district to assist with the construction of off-site improvements to support redevelopment of the premises provided tax revenues from the Developer's project are sufficient to support TIF incurred debt service and operating costs associated therewith.

The property may also eligible for the RSA 79-E Community Tax Relief lncentive Program.

Permitted uses include: multi-family residential (including age restricted housing), colleges, childcare facilities, adult daycare, recreational facilities, health clubs, service uses, office (including medical), retail, restaurants, and hotels.

Contact brokers for full package.

Additional Details

Nearest MSA: Concord
County: Merrimack
Tax ID/APN: 1
Market Type: Medium
Property Located Between: Route 3 and I-93
Side of Street: North
Road Type: Paved
Property Visibility: Excellent
Largest Nearby Street: Village Street/Route 3
Highway Access: 1.7 miles to I-93
Site Description: This 2.82+/- Acres of land.
Area Description: Penacook is a well-defined village within the Concord City limits with a central commercial core serving the surrounding residential neighborhoods. Several industrial facilities and office buildings provide jobs within the village, and neighborhood schools and churches and a branch library round out the mixed-use character of the village. The Village receives the same services provided by the City of Concord such as water, sewer, and public works; however Penacook is part of the Merrimack Valley School District. In an effort to improve safety and spur urban revitalization, the City is currently in the final phase of reconstructing the corridor from Penacook to downtown Concord.
Zoning Description: The property is zoned Opportunity Corridor Performance (“OCP”). Dimensional requirements within this district are detailed below. Permitted uses include multifamily residential (including age restricted housing), colleges, childcare facilities, adult daycares, recreational facilities and health clubs, service uses, office (including medical office), retail, restaurants, and hotels. If required by the Buyer, the City may, subject to the merits of the Buyer’s redevelopment plan, re-zone the property to Central Business Performance (“CBP”) zone. The CBP zone is more flexible than OCP regarding dimensional standards, as summarized in the table below. Permitted uses within the CBP Zone are similar to the OCP Zone.
Topography: Level

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 922 10,980 29,303
Median Age: 39.55 37.27 39.51
Households: 386 4,547 11,244


Photograph of Listing Agent

Judy Niles-Simmons

NAI Norwood Group NECPE Member
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