John Stabile talks about Cotton Mill Square
Posted by Charles P. Rehberg
on Apr 01, 2013
On April 1st 2013, John Stabile spoke the Rotary Club of Nashua about a project that he is currently working on to revitalize a building in the historic Millyard District. Cotton Mill Square represents a major milestone in the evolution of downtown Nashua and according to him, is the most difficult project that he has ever done. For years, the Front Street area along the Nashua River has been one of the most challenging redevelopment areas in town. Cotton Mill Square is an exciting project that will transform this challenged site into a vibrant residential community and will serve as a catalyst for continued positive redevelopment in the area.
Cotton Mill Square will be a rehabilitation of an historic mill building into 109 residential apartments. The community will be mixed-income, with 51% of apartments affordable to people of modest means. In addition to adding to Nashua's housing stock, Cotton Mill Square will create a 1,200-foot new segment of the Nashua Riverwalk and improve 71 downtown properties through the lowering of the floodplain of the Nashua River.
John assembled a team of professionals that worked with various local, state and federal agencies to make this project a reality.
Part of the project is the addition of automated crest gates on top of the dam to control flooding along the river. Multiple agencies (DES, Army Corp. of Engineers, etc.) were instrumental in fast tracking the approvals for this project. A new bridge will also be constructed for the project.
John assembled a team of professionals that worked with various local, state and federal agencies to make this project a reality.
Part of the project is the addition of automated crest gates on top of the dam to control flooding along the river. Multiple agencies (DES, Army Corp. of Engineers, etc.) were instrumental in fast tracking the approvals for this project. A new bridge will also be constructed for the project.
Remediation of the hazardous materials (lead paint, asbestos, etc.) is currently being performed at the building in preparation for the construction to begin. John estimates that the project will be finished and ready for occupancy in 15 months.
The Community Development Finance Authority has awarded Southern NH Service (SNHS) $1 million in tax credits for the Cotton Mill Square project. SNHS is working in partnership with The Stabile Companies for the development.
Businesses can participate in supporting the development of 55 affordable homes in this exciting project through the purchase of NH business tax credits. Companies purchasing credits take a 75% credit against their Business Enterprise, Business Profits, or Insurance Premium tax. Thus, a $100,000 contribution costs the business only $25,000. After other tax deductions, donations cost businesses just eleven cents on the dollar.
For more information visit http://www.cottonmillsquarenashua.com/.