From Nashua's earliest days in the 17th century, the city's rivers drove its economy.
They carried fur boats downstream.
And later they powered mills and factories.
Over the past several decades, Nashua has been looking away from its rivers for commercial development.
But that focus is changing again.
The City of Nashua has embarked on its largest redevelopment project ever.
And it's taking place along the river.
NHPR Correspondent Sheryl Rich Kern reports..
A view of the Riverwalk bridge. (Jay Minkarah. Courtesy City of Nashua)
Travel off of Nashua’s Main Street and you can see the specter of an industrial past.
Nashua Corp, Sanders, Batesville Casket, Beebe Rubber.
They all had buildings here.
And they've all left.
Now real estate developers are taking those old buildings and adding some new ones in order to transform this dormant business zone.
Over the next few years, people will start to see a mix of affordable and upscale housing with prices rangeing from 140 thousand to over 400 thousand dollars.
Close to 900 units are proposed.
About half of them have been approved.
Real estate veteran Paul LaFlamme, of the Masiello Group, says developers want to cash in on the national demand for urban housing.
LaFlammeTrend: I think there’s a trend of people wanting to live downtown and near where the action is, and near services.
LaFlamme points out that Nashua is 98 percent built, so the city's only option is re-development.
Jay Minkarah heads the city’s economic development.
MinkarahHousing: The housing to me was number one. In order to create a real vibrant 24 hour downtown, we needed that housing base.
Standing on the Main Street Bridge, Minkarah points out the various projects.
MinkCorpComplex: Looking on the north side of the river is the old Nashua Corp complex, and that’s a huge industrial mill complex and really right now is on the verge of being redeveloped.
Minkarah is talking about the Harper project.
In addition to housing, it's going to include 30,000 square feet of commercial space.
The planning board is currently reviewing that proposal.
Aerial view of the planned mixed-use development along Franklin and Front streets in Nashua (Courtesy City of Nashua)
MinkarahCotton: That’s the cotton storage building. That is going to go and we’re going to see the Cotton Mill Square, three new buildings along the river there. 162 units in cotton mill square and another about 360 in the Harper project. Huge, huge change.
All these changes are scheduled to begin next year.
But they are not taking place in a vacuum.
They are part of the city's master plan to broaden downtown’s appeal.
At its heart is a mile and a half boardwalk loop along the river.
Minkarah says the city is using what’s called tax increment financing to bond part of the riverwalk’s cost.
MinkarahTax: And that bond will be paid from increased tax revenue we generate from the new development. That’s the condominiums, as well as the increased value in the Peddler’s Daughter’s building as a result of the restoration.
The bond is over one million dollars.
The developers of the new Jackson Falls condos are paying for the second portion of the boardwalk that’s right in front of their building.
They expect it to open by this winter.
Some observers wonder if the demand exists for all these housing projects..
SwackSpec: It’s speculative. The markets can change. We’ve seen that in different places, real estate markets can go up and down.
That’s Michael Swack, dean of Southern New Hampshire University’s economic development department.
SwackCondos: One of the risks they’re taking is the type of units. When you talk about New Hampshire, people generally still prefer single family homes. It’s not like living in New York or Boston.
Swack questions if home buyers will think downtown Nashua has enough cultural and social amenities.
But he also adds that Nashua is spending public dollars on the riverwalk to attract private investors.
SwackRiver: They’re saying if we make it more attractive, and the river’s a nice place, and you can walk along it, then the housing values will increase.
Sarah DiSano markets the downtown for area businesses.
She's also relocated downtown from the Boston area,
DiSanoEmbrace: Downtown Nashua will be embracing its river and making it an interactive experience for people who work down here, live down here, or just come to visit.
She says, like other cities that have re-developed their waterfronts, Nashua hopes the river walk will entice people to the local shops and restaurants.
She also says that lower rents are attracting new retailers .
CarbonneauName: My name is Joy Carbonneau, and I’m the owner of Tallulah Rose in Nashua.
Carbonneau opened her boutique clothing store only six months ago. She pays 1100 dollars a month.
She considered locating in Portsmouth, but says rents there were eight times higher. .
CarbonneauMoney I don’t anticipate to make any money at all for the first three years. My plan for the store is to be around for a long time.
Carbonneau looks across the street and sees longevity in the form of another shop.
LawrenceName: My name is Al Lawrence from Cameraland.
Lawrence started selling cameras on Main Street nearly 60 years ago.
Today, his store occupies 6,000 square feet.
But despite his success, once in a while, he worries.
LawrenceWalMart: One of the biggest things that can hurt the downtown area is a place like Wal-mart.
MinkarahWalMart: No danger of that. A Wal-mart is not going to come into downtown Nashua.
That's the City's economic Development director, Jay Minkarah.
He says Nashua doesn't have the numbers to attract a large department or clothing store.
MinkarahFoot: You really need to get your downtown to a higher level of foot traffic and sales before that’s ever going to happen.
But what if the riverfront and new residences make Nashua the “in†place to be? What then?
Minkarah insists locally-owned businesses give downtown its charm.
MinkarahLoseCharm: It is true, that once you become successful to the point where you are attractive to the chains and franchises, you will lose some of that.
But Minkarah expects that won't be happening anytime soon.
For now, Nashua is trying to once again lure people downtown.
Minkarah hopes the walkway will be complete within the next three years.
The housing projects are expected to proceed in phases, in tune with market demands.
And developers hope the retail district will continue to evolve and grow.
And one day, in the not too distant future, Nashua's commercial life may once again thrive on the banks of its rivers.
For NHPR News in Nashua, I’m Sheryl Rich-Kern.
