Dover's amended deal with Cathartes on large waterfront development is approved
DOVER — City Council members have signed off on the amended development agreement between the city and Cathartes, the private developer set to construct a large-scale mixed-use development along the Cochecho River.
Cathartes’ residential and commercial waterfront development will include three mixed-use buildings, two multi-family buildings and three clusters of townhouses for a total of 418 residential units and roughly 26,000 square feet of commercial space. Dover will undertake public improvements to the riverfront alongside Cathartes’ work, namely with a 3.4-acre public park, a public boat dock and a kayak launch, among other amenities.
The amended agreement now includes new figures in the wake of elevated costs and increased guaranteed minimum assessed values (GMV) for the private development.
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While the GMV was previously set to $15 million for all buildings slated to be built by Cathartes, the new deal means it will increase to $35 million by fiscal year 2026. According to Deputy City Manager Christopher Parker, the GMV will increase to $75.5 million by fiscal year 2032.
Under Dover's existing estimated tax rate of $20.90 per $1,000 of assessed property value, the anticipated city tax revenue for the projected FY 2032 private development valuation would be $1,577,950.
“It would displace Liberty Mutual, if you will, as the city’s largest taxpayer,” said Councilor Fergus Cullen, citing the large global insurance company that is leaving Dover and moving all local offices to Portsmouth.
The amended agreement also now includes the estimated cost of construction for the city’s public improvements, which are presently close to $20 million. Waterfront work by the city was previously estimated to tally around $15 million.
As part of the amended agreement, the city will upgrade the River Street pump station and conduct odor control mitigation.
According to Parker, renovating the pump station will cost the city between $11 million and $12 million.
“We are hoping to have bid documents ready to go so that project can be simultaneously underway,” he said to the council last week.
The River Street pump station upgrades will be paid for by the city’s water and sewer ratepayers.
“Certainly Cathartes will be using that infrastructure as well and they will pay part of that rate as well,” Parker added.
The City Council unanimously approved the amended agreement at its meeting last week. Prior to that, the Cochecho Waterfront Development Advisory Committee previously approved the amendments, as did the Dover Housing Authority, which has held development oversight for the project for close to 20 years.
City councilors awarded a contract to Northeast Earth Mechanics LLC of Pittsfield in April for just over $19.5 million to complete the riverfront public improvements.
This article originally appeared on Fosters Daily Democrat: Dover NH waterfront development amendments approved
