New Business: Concord building to shrink because of skyrocketing costs
Jun. 24—A MIXED-USE building planned for downtown Concord will shrink from five stories to four because of skyrocketing interest rates and construction prices.
Developer Steve Duprey remains committed to the project and has been crunching numbers to make it work.
"Every time I sit down with my CFO, she says 'What are you thinking?'" he said. The nearly $20 million will be paid for with a mix of equity and loans.
"This is the most long-lasting and severest increase in construction pricing on both labor and materials I've seen in my entire career," Duprey said.
He nixed plans for three floors of office space and instead will build 16 apartments on the second and third floor.
The building at 20 S. Main St. is set to have a Friendly Toast restaurant and a rooftop bar. The fourth floor will include a function space with a fully restored, prefabricated 1940s diner. Outdoor space will be made available for pop-up restaurants.
The 1854 Norris House on the property will likely be demolished after exhausting options to move it, Duprey said.
"We haven't been able to find an available lot," he said.
He expects to break ground in August or September. "I'm anxious to get going. It's been a long time," Duprey said.
Closings on South Willow
South Willow Street in Manchester took another hit with the closing of Pizza 911 and Firehouse Subs.
Pizza 911 closed on June 16, but will continue to operate on Webster Street.
"The business environment just has been tough between food costs, labor costs and consumers who seem to be tapping out financially," said George Attar, one of the owners. The South Willow Street location opened in 2017.
All employees were given the option to move to the Webster Street location. Delivery is offered across the Queen City.
A note on the door to Firehouse Subs announced the closing there.
"Thank you for patronage and support of the Firehouse Subs Public Safety Foundation," the note reads.
The closing came after the Flight Center Taphouse also closed.
New foundation
Foundation Kitchen and Bar has officially opened in the former Halligan's, an Irish restaurant located in an old firehouse at 32 W. Broadway in Derry.
The restaurant aims to create an "unforgettable gastronomic journey," according to its Facebook page. Local beers will be on tap and the bartenders will serve crafted signature cocktails.
"Our scratch-made menu is passionately crafted utilizing the finest fresh and locally sourced ingredients. From farm to table, every dish tells a story of flavors, textures, and aromas that delight the senses," its Facebook page reads.
Lumber yard planned for Hudson
84 Lumber Co., which has 310 locations nationwide, hopes to open a lumber yard at 3 Sullivan Road in Hudson.
The 30-acre lot has a single-family home on it, which will be torn down and replaced with six new commercial buildings, including 4,800 square feet of retail space, 2,700 square feet of office space and 48,000 square feet of storage space. Five of the buildings will be constructed immediately with another planned for the future, according to the project plans.
The planning board will continue its review of the plans on July 26.
Portsmouth patio
Mojo's West End Tavern in Portsmouth got the OK from the planning board earlier this month to add a permanent outdoor dining space at its location at 95 Brewery Lane. The outdoor space will have seats for up to 50 people.
"I am making the investment out of my own pocket to make this happen to be competitive with everyone else in the city that has outdoor dining," owner Kevin Crowell told the planning board earlier this month.
Eventually, he hopes to add an awning over the space.
If you have an interesting business or commercial real estate story idea email reporter Jonathan Phelps at jphelps@unionleader.com.
