Historic Mill Multifamily & Hydro Generation Facility

Highlights:

• Fully approved development-ready for building permit
• Fully engineered. Conceptual architectural plans in place
• HVAC, Electric, Plumbing, Fire Protection Specifications also in place.
• Phase I ESA done. No issues reported.
• Both Parts I & II Historic Tax Credit Approvals Received From National Park Service
• Estimated Historic Tax Credits $2.5 Million
• Estimated Low Income Tax Credits $8 Million
• Previous owner has done Millions of Dollars in building & systems upgrades over the years
• Property is located approximately 1/2 hr from both Dartmouth Hospital and University campuses
• Development is in an Opportunity Zone
• Property qualifies for real estate tax freeze at current assessment for 5 or more years (NH RSA 79-E
• Property in excellent shape-over 90% of demo has been done
• Great climate controlled self storage plauy

Description:

Truly, a one of a kind development opportunity.  The Historic Newport Mill located directly on the Sugar River in Newport, NH and only 6 miles west of Lake Sunapee and Mount Sunapee State Park. The mill is a 100,000 s.f. +/-structure with approximately $ 5 Million in recent upgrades to include most of the demolition and replacement of over 7,000 single panes of glass into double pane.   Also included is a hydro generation facility that is exempt from licensing from the Federal Energy Regulatory Commission. The turbine needs repair but all of the infrastructure and systems are in place.

The developer has secured all zoning approvals for 70 units of workforce housing plus a residential manager's office located in a separate building directly adjacent to the main mill and on the same lot. Most of main mill has been restored to include installation of approximately 7,000 double-panes of glass.  Fully functioning 9,000 lb elevator.  Phase I ESA done.  No issues.  Property includes approximately 9.75-acres of land with a small single story commercial building presently rented that could be used as an on site residence for the property manager. 

The Mill is on the National Register of Historic Places.  Owner has received Parts I & II Historic Tax Credit Approvals Estimated Historic Tax Credits of $2.7 Million.  Property may also qualify for an additional $8 Million in Low Income (9%) Tax Credits.  The property also qualifies for a tax freeze at current assessment for 5-years (or possibly more).  Estimated  $500,000 savings in real estate taxes over time.   

Great 1031 project.  A building permit could be procured tomorrow.  The property is also located in an Opportunity Zone.   Project information & due diligence is available with the execution of an NDA. 

Seller is open to managing the project build-out through receipt of Certificate of Occupancy, on a fee-for-service basis.   

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