MANCHESTER, N.H. – On Tuesday, the Manchester Board of Mayor and Aldermen (BMA) received feedback on the winning bid for a request for proposals to redevelop the Pearl Street and Hartnett Parking Lots into mixed-use housing with parking lots.
Lansing Melbourne Group was the winning bidder, and was unanimously chosen after a tentative memorandum of understanding was signed earlier this year.
The Pearl Street building, dubbed “The Pearl,” is expected to have 275 units and the “Hartnett Lofts” are expected to have 196 units, with a combined 350,000 square feet of space. Both buildings will also have parking garages, with the Hartnett Lofts also leasing spaces from the nearby Victory Garage.
Lansing Melbourne Group CEO Peter Flotz said that 80 of the units would be designed as “workforce” housing, or 80 percent of AMI, and 40 to 60 of the units will be designed as “low income” units, for those making less than 80 percent of AMI.
Flotz said the distribution of the low income and workforce units has not yet been determined, with Neighborworks assisting with the low income units.
The Pearl Street parking garage is expected to be a free-standing structure, but Flotz hopes that it can share elevators and stairs with The Pearl to save costs.
Lansing Melbourne Group Developer Andrew Holton told the BMA that construction will start as soon as possible, with optimistic projections putting construction of the Pearl Street garage from March 2023 to Spring of 2024, The Pearl construction concluding in late Spring of 2024 and the Hartnett Lofts construction ending sometime in 2025. Holton said that the Hartnett Lofts would take longer due to the fact that they would not be located in an opportunity zone, with The Pearl is located in an opportunity zone.