64 River St is amulti-family property for lease in Rochester, NH.
Fownes Mill Condominiums is located on a 5.59 acre parcel on Gagne Street in Rochester, very close to the downtown area, with roughly 1,000 feet of frontage on the Cocheco River and public water and sewer. The project consists of 3 major phases.
Phase I (not included in this offering) includes 3 duplexes and 2 triplexes, for a total of 12 units, directly on Gagne Street. This phase has been fully built out and several of the units have been sold.
Phase II consists of (11) 1,300± SF townhouse units, with a one car garage under and room for another car in the driveway, to be built in 2 buildings, between Gagne Street and the Cocheco River. The foundations and slabs for the 2 buildings have been poured, but no further construction activity has taken place.
Phase III consists of 80 age restricted (55+) garden style units to be built in a single 4-story mill style building, with 51 parking spaces in the ground level. The building was originally approved for 51 market rate garden style units (as shown on the site plan), but the developer received approval in 2011 for the 80 age restricted units, which require only 1 parking space per unit. Beyond the 51 parking spaces below the building, there is a surface lot adjacent to the building with an additional 51 parking spaces. No construction work has been done for Phase III.
Initial approvals for the project were obtained in 2006, and the early focus was on getting Phase I built and sold. Appropriate condominium documents and plans have been recorded in the Strafford County Registry of Deeds, with amendments as needed as units have been completed and sold. Under the ByLaws, separate sub-associations have been created for each phase.
Additional condo documentation will be required for Phases II and III, and the City of Rochester will require a development agreement restricting the units in Phase III to occupancy by persons 55 years of age or older.
The site is next door to the Elizabeth Seton School, across the river from the Wyandotte Falls 72 unit elderly housing project owned by the Rochester Housing Authority, and within half a mile of downtown Rochester.
This project is being offered without a listing price in order to allow prospective
buyers to make their own determinations of value, based on their own views of the market, reachable rental rates, and whether the “mill building” should be built out as age-restricted or changed back to a lower number of market rate units.
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