The company said, after input from the community, it decided to add nearly 300 more units, along with another 40 acres added to the project north of the Newspapers of New England property.
The proposal features 151 workforce housing units, 327 market-rate apartments with a mixed-use retail center, 223 standalone market-rate apartments, as well as 71 privately owned townhomes and 172 condominium units that will be a mix of privately owned and rented on the new northern parcel.
More than 100,000 square feet of commercial retail space and 100,000 square feet of self-storage space were also included in the project.
“We have met with community members, abutters, business leaders and interested organizations to fine tune our vision for Monitor Way, maximizing its potential while protecting the natural beauty of these parcels,” Kevin Lacasse, the CEO of New England Family Housing, said.
Lacasse said the city and county had “a critical need for additional housing” due to an exceedingly low vacancy rate, about one for every 333 apartments, he said.
“A healthy vacancy rate should see one out of every 20 apartments available at any given time,” Lacasse said.
Along with the housing, commercial, and self-storage, five acres of open green space for residential and public use would be created, including two miles of new walking trails. Boat access to the Merrimack River would also be available, while nearly half the property would have natural green space preserved.
“We look forward to engaging in a productive conversation with the planning board as we work to deliver much-needed housing, retail, and recreational opportunities for the region,” Lacasse said.
The current zoning of the parcels is industrial. The company will seek approval from the Concord City Council to rezone the land to allow for the proposed mixed-use development. Once built, the company believed more than $6 million annually in property taxes would be put into the city’s coffers.