Nashua NH downtown condo projects developed

Article published Jan 26, 2005

By Andrew Nelson Telegraph Staff

A new downtown condominium development being marketed as “workforce housing” is one of the first responses to a recent report that pointed out how Nashua’s soaring real estate market is out of reach for many mid-level professionals and public employees trying to buy a home.

D-onnalee Lozeau, who chaired the Task Force on Affordable Housing, said the Harbor Avenue project fits the group’s vision of affordable housing for working people - it will give many people who have been priced out of the market a chance at ownership.

Boston-based GFI Partners is developing the new four-story building, called Meridian, near the intersection with East Hollis Street, and expects to deliver the condos by April.

Construction of the building costs about $3 million, according to city records.

Lisa Cioffi, who does marketing and sales for GFI Partners, said the target audience is vast, including nurses and teachers andnesters wanting to live in Nashua without the hassle of yard work.

“I think its great for everybody,” Cioffi said. “And the price point we have, it is really for everybody.”

People will be making mortgage payments for about the same amount they would pay in rent, Cioffi said.

The four-story condominium building, at 18 Harbor Ave., will hold 45 units with one, two or three bedrooms offered in eight different layouts. Top Sell Realty is taking inquiries from prospective buyers, but none of the units has been sold yet, Cioffi said.

The selling prices for the garden-style condominiums, which are up to 1,150 square feet, are well below average selling prices for the area.

A one-bedroom condo starts at $139,000, while the three-bedroom units start at $179,000. The facility offers amenities such as a fitness center, a clothes washer and dryer in every apartment, and an elevator.

While those prices may still seem costly, the average selling price for a condominium in the Nashua area was $201,000 between January and April 2004, according to the Nashua Regional Planning Commission. An average house was $303,000 during the same time period.

In the area around Harbor Avenue, the median selling price for houses and condominiums was about $185,000 between April 2002 and March 2003, according to the housing report.The company found downtown Nashua to be ready for this type of housing, said Cioffi, who was raised in Nashua.

“There’s really no housing downtown except for rentals,” she said.

The proposed building, which is now under construction, was originally approved as an elderly housing project, but representatives of the owners told the Zoning Board of Adjustment that the focus changed to appeal to middle-income workers after the task force report came out.

Economic Development Director Jay Minkarah called the project “the first brick-and-mortar response” to the task force.

The project differs from others downtown because it puts buying a home in Nashua within the grasp of a new group of people, he said.

To get permission to build originally, the developers needed a zoning permit to exceed the city’s density requirement. During the negotiations over the permit, the developers and city officials agreed to target the housing toward middle-income workers, according to Minkarah.

They agreed to keep condo prices below market rates by capping resale prices at a maximum annual increase of 8 percent. The cap will be reviewed every five years to ensure it meets market conditions.

On the other end of the price scale is Jackson Falls.

That project will offer 22 units at prices ranging from $349,900 to $384,900.

Those condos are to be built near Railroad Square on the vacant north bank of the Nashua River, close to the future home of the Peddler’s Daughter, an Irish pub. Tied into the project is the city’s 700-foot boardwalk along the river, stretching from Main Street to near the Jackson Falls dam.

The real estate agent for Jackson Falls, Beth Curran, said the project is awaiting approval from the attorney general’s office of various legal documents before accepting down payments. A building permit has not yet been approved, according to city records.

GFI Partners, a development company, owns industrial buildings around New England and is investing in residential property in New Hampshire. It owns an apartment complex in Salem and is building 68 condos in Manchester, Cioffi said.


	Article published Jan 26, 2005 By Andrew Nelson Telegraph Staff A new downtown condominium development being marketed as “workforce housing” is one of the first responses to a recent report that pointed out how Nashua’s soaring real estate market is out of reach for many mid-level professionals and public employees trying to buy a home. D-onnalee Lozeau, who chaired the Task Force on Affordable Housing, said the Harbor Avenue project fits the group’s vision of affordable housing for working people - it will give many people who have been priced out of the market a chance at ownership. Boston-based GFI Partners is developing the new four-story building, called Meridian, near the intersection with East Hollis Street, and expects to deliver the condos by April. Construction of the building costs about $3 million, according to city records. Lisa Cioffi, who does marketing and sales for GFI Partners, said the target audience is vast, including nurses and teachers andnesters wanting to live in Nashua without the hassle of yard work. “I think its great for everybody,” Cioffi said. “And the price point we have, it is really for everybody.” People will be making mortgage payments for about the same amount they would pay in rent, Cioffi said. The four-story condominium building, at 18 Harbor Ave., will hold 45 units with one, two or three bedrooms offered in eight different layouts. Top Sell Realty is taking inquiries from prospective buyers, but none of the units has been sold yet, Cioffi said. The selling prices for the garden-style condominiums, which are up to 1,150 square feet, are well below average selling prices for the area. A one-bedroom condo starts at $139,000, while the three-bedroom units start at $179,000. The facility offers amenities such as a fitness center, a clothes washer and dryer in every apartment, and an elevator. While those prices may still seem costly, the average selling price for a condominium in the Nashua area was $201,000 between January and April 2004, according to the Nashua Regional Planning Commission. An average house was $303,000 during the same time period. In the area around Harbor Avenue, the median selling price for houses and condominiums was about $185,000 between April 2002 and March 2003, according to the housing report.The company found downtown Nashua to be ready for this type of housing, said Cioffi, who was raised in Nashua. “There’s really no housing downtown except for rentals,” she said. The proposed building, which is now under construction, was originally approved as an elderly housing project, but representatives of the owners told the Zoning Board of Adjustment that the focus changed to appeal to middle-income workers after the task force report came out. Economic Development Director Jay Minkarah called the project “the first brick-and-mortar response” to the task force. The project differs from others downtown because it puts buying a home in Nashua within the grasp of a new group of people, he said. To get permission to build originally, the developers needed a zoning permit to exceed the city’s density requirement. During the negotiations over the permit, the developers and city officials agreed to target the housing toward middle-income workers, according to Minkarah. They agreed to keep condo prices below market rates by capping resale prices at a maximum annual increase of 8 percent. The cap will be reviewed every five years to ensure it meets market conditions. On the other end of the price scale is Jackson Falls. That project will offer 22 units at prices ranging from $349,900 to $384,900. Those condos are to be built near Railroad Square on the vacant north bank of the Nashua River, close to the future home of the Peddler’s Daughter, an Irish pub. Tied into the project is the city’s 700-foot boardwalk along the river, stretching from Main Street to near the Jackson Falls dam. The real estate agent for Jackson Falls, Beth Curran, said the project is awaiting approval from the attorney general’s office of various legal documents before accepting down payments. A building permit has not yet been approved, according to city records. GFI Partners, a development company, owns industrial buildings around New England and is investing in residential property in New Hampshire. It owns an apartment complex in Salem and is building 68 condos in Manchester, Cioffi said. © 2003, Telegraph Publishing Company, Nashua, New Hampshire This story was originally published in the The Telegraph of Nashua, N.H., all rights reserved, nashuatelegraph.com.