Developments > Sanel Block Redevelopment
Stephen Duprey, a Concord-based developer, has redeveloped an entire block – a blighted area in downtown Concord called the “Sanel Block,” on South Main Street. The location of the project is particularly strategic for economic development as it is directly across the street from the Capitol Center for the Arts, the state’s largest performing arts center. Due to age and structural weaknesses of the buildings that had occupied the site, rehabilitation was not possible so the developer built a new 5-story office building, with 76,250 square feet of space. The new building provides new, LEED-certified office space for Concord Hospital, which helps to free up space on its severely constrained campus for necessary clinical practices that serve the community. The League of New Hampshire Craftsman will also occupy space in the building. This development, to be called “The Duprey Center,” was made possible with $9.2 million in New Markets Tax Credit financing provided by MHIC with US Bank CDC as the sole investor. It is also notable that this redevelopment made possible a second phase of development that was undertaken by a local affordable housing organization to create a new low-income housing tax credit supported apartment project for approximately 45 low- and moderate-income citizens.
Sanel Block Redevelopment
Project at a Glance:
Location:
Concord
Development Type:
Commercial
Project Type:
New construction
MHIC Financing:
$9,118,000 in NMTC financing
Sponsor:
Stephen Duprey Acquisitions LLC
Stephen Duprey, a Concord-based developer, has redeveloped an entire block – a blighted area in downtown Concord called the “Sanel Block,” on South Main Street. The location of the project is particularly strategic for economic development as it is directly across the street from the Capitol Center for the Arts, the state’s largest performing arts center. Due to age and structural weaknesses of the buildings that had occupied the site, rehabilitation was not possible so the developer built a new 5-story office building, with 76,250 square feet of space. The new building provides new, LEED-certified office space for Concord Hospital, which helps to free up space on its severely constrained campus for necessary clinical practices that serve the community. The League of New Hampshire Craftsman will also occupy space in the building. This development, to be called “The Duprey Center,” was made possible with $9.2 million in New Markets Tax Credit financing provided by MHIC with US Bank CDC as the sole investor. It is also notable that this redevelopment made possible a second phase of development that was undertaken by a local affordable housing organization to create a new low-income housing tax credit supported apartment project for approximately 45 low- and moderate-income citizens.