Developer chosen to build assisted living facility on Penacook tannery site
A developer seeking to build an assisted living facility has been selected as the city’s preferred developer for the former tannery site in Penacook, Concord officials announced today.
Weston Solutions, a global development company with regional headquarters in Concord, plans to build a 45,000 square-foot assisted living facility and about 3,000 square feet of retail or restaurant space on the long-vacant site, according to a press release.
The former Allied Leather Tannery site at 27-35 Canal St. has been vacant for decades, and in recent years the city has invested money for environmental cleanup and a planned redevelopment.
The proposed assisted living facility would have 45 apartments, according to the city’s press release, and an anticipated $4.5 million assessed value.
In addition to the assisted living facility, city officials and Weston Solutions will explore renovating an existing warehouse building into a new branch library for Penacook, according to the release. The city also plans to build a new riverfront park and public parking lot on the site.
“We are grateful to the city for being given this opportunity and we look forward to a productive partnership that contributes to revitalizing the entire Penacook Village,” said Bruce Campbell, Weston Solutions’ vice president and New England regional manager, in a press release.
The city and Weston Solutions signed a letter of intent today and will now enter into a six-month negotiating period, according to the press release. City and company officials hope to present a purchase and sales agreement to the city council by next summer, finish permitting and financing by late 2013 and begin construction in early 2014.
“Weston solutions has a proven track record of revitalizing blighted and abandoned sites into vibrant developments that make positive contributions to their communities,” City Manager Tom Aspell said in the release. “. . . The city looks forward to crafting a mutually beneficial public / private partnership with Weston Solutions as expeditiously as possible.”
See tomorrow’s Monitor for full coverage.