Exeter's ex-Travel & Nature building gets facelift: Why it's 'essential' to Ioka makeover

EXETER — A Water Street building that formerly housed Travel & Nature is set to bring more commercial and housing spaces to the downtown.

Located at 45 Water St., between the Ioka and Serendipity Boutique, the two-story, 3,500-square-foot building will be converted into a mixed-use space with two residential units on top and a retail space on the street level.

Built in 1920, the 104-year-old building was purchased by David Cowie for $625,000. The purchase came just two months following Cowie and Jay Caswell's acquisition of the iconic movie theater at the end of March 2020.

Joe Stagnone, the communications manager for both projects, said Cowie purchased 45 Water St. because it’s an “essential” part of the Ioka’s renovation into a mixed-use building. The new Ioka will feature a speakeasy-style restaurant in the basement, retail space on the street level, and two stories of condos above.

"The key importance is this alleyway (between both buildings)," he said. "(And how its) going to play in the functioning of these two buildings."

The alleyway will be the main entrance to both the public patio/deck in the back of the 45 Water St. building as well as the speakeasy-style restaurant in the basement of the Ioka.

Stagnone said both projects have a lot in common. Both buildings will be multilevel structures offering mixed uses and will be completed around the same timeline, he added.

“Leaving the newly restored Ioka building in the immediate vicinity of the older wooden structure at 45 Water Street in desperate need of work would have negatively impacted the Ioka project,” he said.

New life for Ioka in Exeter: Sneak peek at restaurant, retail, apartments

Retail space and new apartments at 45 Water St.

When completed, 45 Water St. will provide two options to future tenants of the century-old building.

Stagnone said the two residential units will be a one-bedroom. One will face downtown with a panoramic view of the bandstand and historic town hall, while the other faces the Exeter River with a balcony that overhangs the water. He said the latter would be the bigger space of the two.

On the street level, the downtown-facing side of the building will be used as a retail space. The rear side, or alleyway, will offer the public access to a deck/patio that overlooks the river.

Stagnone said the access to the retail space at 45 Water St. will be through the building's main entrance. Access for residential units upstairs will be through a "private street-level sidewalk entrance."

He said a new canopy has also been added to the face of the building to “compliment” the exact design of the front of the new Ioka.

Stagnone said 45 Water St. will give its tenants a “unique” experience, which he calls the best of both worlds.

"You have this downtown environment (on the front of the building) and when you walk this way (to the rear side), you have a totally different view,” said Stagnone. “Everything for these two combined buildings is about the river in the back, especially the Ioka.”

Darren Winham, the town’s director of economic development, said he hopes to see “more redevelopment like this in Exeter.”

“I'm a big believer in mixed-use development in general, but when it happens in downtowns, everybody especially wins,” said Winham. “Commercial business adds vibrancy, and residential development provides on-hand customers for existing merchants.”

Sawbelly Brewing wins Burger Bowl: Meet the chef behind the spicy southern creation

Travel & Nature building gets more than a makeover

Performing simultaneous restoration on two 100-plus-year-old buildings has its challenges, especially when it is located along one of the busiest roads in town.

However, Stagnone said the biggest challenge at 45 Water St. was having to completely rebuild and replace a majority of the wooden structure.

“What began as a minor renovation soon unfolded into a major reconstruction project as significant structural issues became apparent,” he explained.

This included the need to pour large sections of new foundations and digging out the musty dirt basement floor to replace rotted floor joists, gain headroom and install underfloor HVAC ductwork in a watertight concrete crawlspace.

“The extensive amount of replacement work in 45 Water Street renders the building more of a new build than a restoration project, but it incorporates the all-important historical features and feel of downtown Exeter,” said Stagnone.

Stagnone said 45 Water St. and the Ioka have similar project timelines, and once complete, both developments will complement each other.

“Simultaneously performing restoration construction on the combined buildings offered several advantages to downtown Exeter,” he said. “It minimized the traffic impacts to the downtown businesses, residents, and visitors to the town of Exeter.”

This article originally appeared on Portsmouth Herald: Ex-Travel & Nature building gets makeover as part of Ioka project