Bay State developer not giving up on Manchester student housing plan
The Board of Mayor and Aldermen rejected the last proposal from James Vitas of the VMD Companies in November, but the latest offer is different in one crucial respect: VMD proposes arranging financing for the roughly $60 million project on its own.
In his letter to the committee, Fellman notes that VMD had “engaged in constructive dialogue” with city staff over the last several months. “The buyer has incorporated aspects of many of those discussions into this revised letter of intent,” he writes.
The revised proposal comes as a deal appears to have finally been reached to sell the old downtown police station for $875,000 to a development team with Massachusetts ties. The broker on the deal had previously indicated that student housing was one of the uses being considered by the development team.
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