Allenstown apartment complex gets tax incentive
ALLENSTOWN — A downtown apartment complex is the first to receive a tax incentive for upgrades.
Owner Allen Croteau applied for the community revitalization tax incentive shortly after purchasing the building in April for $1.4 million.
Located at 90-98 Main St., the Riverbridge apartments in the old mill building include 41 studio apartments and 24 storage units. Each apartment varies in size between 350 to 575 square feet.
The original building was constructed in the 1890s.
“We are confident we will rebrand this building,” Croteau wrote in his application
Most of the work includes some cosmetic fixes to make the building more aesthetically pleasing, such as having the outside re-faced and repainted to freshen the look of the building.
There are also plans to install more efficient components, like a new boiler system, in order to cut down on gas and electricity consumption. New security systems and new signs will also be installed.
New outdoor decks will be built for residents, and a new fence will offer better protection from potentially serious falls into the neighboring river.
The estimated project cost is expected to be around $411,000, and work should be finished by the end of October.
The tax incentive means that although the owners will be taxed on the current assessed value of the building, they won’t be charged extra if the value increases with the upgrades.
The goal of the program is to encourage downtown businesses in the state to invest in and use underutilized buildings. Though Croteau is the first owner to take advantage of the program, Town Administrator Shaun Mulholland said that the town is interested in working with others to further improve the area.
“This is one way the town can assist them in doing that,” he said.
In Exeter, Sea Dog Brewing Company was awarded the tax incentive in April. The business is going in the former Loaf and Ladle restaurant space in downtown, and will be a full-service, 220 seat restaurant.
The owners are expecting to invest about $1.4 million in improvements to that building.