Transforming Adversity into Opportunity: Redevelopment Projects in Concord and Manchester

It’s wonderful to see example after example of how innovative, upbeat people – especially right here in the Granite State – tackle adversity, resolve to find the ‘positive,’ and ultimately achieve a successful result. One example I’m particularly excited about is reaction to Covid. Not surprisingly, as you may be very aware, the COVID-19 pandemic significantly impacted commercial real estate in New Hampshire. Innovative redevelopment projects in Concord and Manchester exemplify how challenges can catalyze positive change.

Steeplegate Mall, Concord: Opened in 1990, Steeplegate Mall faced declining occupancy due to shifting retail trends, a situation worsened by the pandemic. In 2023, Onyx Partners Ltd. acquired the property for $18.18 million, proposing a mixed-use development. This plan replaces the mall and the adjacent Regal Cinema, constructing five residential buildings (four or five stories tall) totaling 625 units—half one-bedroom, half two-bedroom—alongside retail spaces. The project aims to revitalize the area by addressing housing shortages and repurposing underutilized commercial space.

1138 Elm Street, Manchester: Similarly, the office building at 1138 Elm Street in Manchester experienced reduced demand due to the pandemic's shift toward remote work. In July 2024, the 16,555-square-foot building sold for $1.2 million. Plans are underway to convert it into 36 multifamily residential units and first-floor retail space. The project received a seven-year property tax relief under New Hampshire's 79-E program in exchange for designating 14 units as affordable housing for ten years. This initiative helps alleviate Manchester's housing shortage, where apartment vacancy rates remain below 1 percent.

Resilience and Adaptability: These redevelopment projects demonstrate resilience and adaptability in the face of adversity. Pandemic-induced challenges prompted property owners and developers to reimagine the use of commercial spaces, leading to developments that address critical housing needs and stimulate local economies. The transformations of Steeplegate Mall and 1138 Elm Street illustrate how difficult circumstances can inspire beneficial change, turning obstacles into opportunities for community growth and revitalization.