MANCHESTER, N.H. – On Wednesday, local dignitaries gathered on Elm Street to celebrate the groundbreaking of what Red Oak Properties hopes will become the crown of its property portfolio.
Located across from Market Basket and just south of SNHU Arena, the upcoming building to be known as “Red Oak at 409 Elm Street” will have 96,250 sq. ft of space over six floors upon its expected completion date in December 2022.
The first floor will hold the new headquarters for Red Oak Properties as well as co-working spaces while the upper five floors will hold 90 studio, one-bedroom and two-bedroom apartments of varying sizes with other amenities such as electric vehicle charging stations, a yoga studio and a cleaning area for pets and bicycles.
Designed by Dennis Mires P.A. Architects of Manchester and now being built by North Branch Construction of Concord, Wednesday’s ceremony culminated eight years of legal battles with owners of abutting properties that have concluded.
The property is located in Manchester’s Ward 3 and Ward 3 Alderman Pat Long was on hand to celebrate the occasion.
Long, who also serves as an Aldermanic liaison on the Manchester Planning Board, says that waiting lists are developing quickly at nearby properties where office space is being transformed into residential space, highlighting the need for such projects.
He also believes that this and other comparable projects in the downtown area will make Manchester more attractive to young professionals seeking to find all their needs within walking distance as well as low-income workers who may not be able to afford long commutes.
“I’m excited, I don’t know how many calls I got asking ‘what’s going on with that hole on Elm Street?’ People didn’t realize why there was a hole on Elm Street, they figured it was a hot spot and this is why it’s a hot spot,” he said. “Now that things are coming to fruition, it feels good that things are coming together finally.”
Details on rental prices for each of the units are expected to be released as construction nears completion.
Red Oak currently manages approximately 1,800 properties in seven New Hampshire municipalities.