Why the $1.5 million Hoitt Furniture can’t be sold as is

Print Friendly, PDF & Email

Screen shot 2014-08-24 at 8.07.48 PM

For months, the former Hoitt Furniture building, 267 Wilson Street, has been shuttered, the huge plate-glass windows papered and “for sale” signs on display.

The 37,000+ square foot building is currently for sale for $1.5 million according to Arthur Slattery of Phoenix Realty Group.

But there is a stumbling block.

“The building is definitely available, but we have a challenge to overcome. Several years ago the city purchased from B&M Railroad a portion of the property, behind the building that runs all the way to the river. It’s land intended for the Rails to Trails project, but since it’s owned by they city, we don’t have legal access to the rear, where the loading docks are. As it stands, it’s not sellable,” said Slattery.

He said they have been negotiating with the city, and that the city has been cooperative, but that it’s a complex issue with no easy answer.

“There are quite a few entities involved. If someone bought the building they could get a license from the city to be able to access the property, but the city would be able to revoke the license with 30 days notice,” Slattery said.

“The only other access is off Valley Street, and if that were the case, you’d have to buy a lease or right-of-way from B&M railroad and raze a good part of the building. That, or tear down the entire building and have a vacant piece of land,” Slattery said.

Ideally, the problem can be solved and the building can be put back into use and on the city tax rolls, Slattery said.

Today we’re asking: What’s your vision for this vacancy?

What would you like to see take over this space? What would serve the community best? Leave your responses in the comments field below.

About the building:

It is a four-story brick building constructed in 1900 when the C.A. Hoitt Co., established in 1880, decided to move the business from Elm Street to Wilson street in order to expand. Competition from larger retailers eventually forced the company to close its doors after in January of 2013 after 133 years in business.

The building is located along a main thru-way that leads to Elm Street. The area has undergone a lot of redevelopment over the past decade. A Walgreen’s is directly across the street, and the $90 million City of Manchester municipal complex is about a block south.

It is in the RDV (Re-development District) in the mixed use zone. This zone allows for multi-family, manufacturing, retail, restaurant, nightclub, financial/office, hotel, indoor sports, self-storage, college dorms, business or trade schools, child or adult day care and, by conditional use, medical office.

The building is listed as commercial/retail and is described as follows:

Property Subtypes Free-Standing Building, Street Retail
Building Size (RSF): 37,568 SF
Gross Building Area: 37,568 SF
Gross Land Area: 0.51 – 0.84 Acres
Sale Price: $1,500,000
Unit Price: $39.93 PSF
Ceiling: 12 ft.
Docks/Doors: 2 Docks
Building Name C.A. Hoitt’s Furniture
Sale Terms Cash to Seller

For more information contact listing agent Arthur Slattery, 603-628-6844.

About Visions for Vacancies: In this ongoing series we highlight a vacant property in the city and put it out there, asking you for your vision for an abandoned space in hope that we can help reduce the number of vacant buildings and bring exciting new businesses and community meeting places to fruition. To nominate a vacant building, email Carol Robidoux at robidouxnews@gmail.com.
About Carol Robidoux 6304 Articles
Longtime NH journalist and publisher of ManchesterInkLink.com. Loves R&B, German beer, and the Queen City!