Jay Doyle of AECOM, economic development director Liz Hannum, Community Development director Matt Sullivan. Committee on Infrastructure on Sept. 25, 2024. (Screenshot)
Update on commuter rail exploration project
Community Development Director Matt Sullivan, Economic Development Director Liz Hannum and Jay Doyle from infrastructure consulting firm AECOM gave an update Wednesday night on the commuter rail exploration project before the Committee on Infrastructure.
Discussions of the commuter rail project began in 2014 when the New Hampshire Department of Transportation introduced extending the MBTA (Massachusetts Bay Transportation Authority) commuter rail 30 miles from Lowell to Manchester. After further planning and completing 30 percent of the design, the state decided not to advance the project based on a vote made by the Executive Council.
The cities of Nashua and Manchester discussed potentially funding the completion of the study, but Manchester was not in a position to do so at the time. Nashua then got permission from the Board of Alderman to proceed with Step 1/Task 1 of a Nashua First Initial Operating Segment (IOS).
The IOS project would upgrade the existing railroad infrastructure of around 13.3 miles from Lowell to Nashua, with a proposed south station in the vicinity of the Pheasant Lane Mall and another at Crown Street.
It is estimated that Nashua First IOS could cost between $250 million to $280 million, but updated analyses would be needed to get a more accurate estimate.
“Step one task two includes a couple next steps that are really important for understanding further the viability of this project,” Sullivan said. “We believe we need this new information around ridership and cost to really understand what this project means for the city of Nashua.”
Hannum added, “We will not know if we are in a ‘go’ or ‘no go’ situation until after step one task two.”
Step 1/Task 1, cost about $70,000 to complete. Step 1/Task 2 – not yet funded – will cost approximately $210,000, but the exact number has to be determined. The Board of Aldermen will be asked for the money to fund this next step in the coming few months, according to director of administrative services Tim Cummings. — Mya Blanchard, Nashua Ink Link
Northland expands presence in New England with Edgebrook Residences in Merrimack, NH
Northland, a national real estate private equity firm with $8 billion of assets under management, announced the acquisition of Edgebrook Residences, a 232-unit community located in Merrimack, NH. Edgebrook will be Northland’s second asset in New Hampshire, bringing the Boston-based firm’s New England multifamily portfolio to seven properties and 1,754 units.
Northland will draw on its experience in managing other 55+ communities to elevate the active adult resident experience for those living in the community’s 76 age-restricted market-rate units.
“We’re excited to add another class A suburban asset to our New England multifamily portfolio. Southern New Hampshire has proven itself a dynamic market anchored by technological, pharmaceutical, and financial service providers throughout the I-495 and Route 3 employment corridors. The acquisition also advances a strategic focus on housing catering to the fastest growing segment population with a building dedicated to 55+ residents,” says Mike Campbell, vice president of investments for Northland.
Located just nine miles from the Massachusetts border, Edgebrook offers residents a live-work-play lifestyle in Southern New Hampshire. The property’s prime location off Route 3 provides seamless access to major job centers in both New Hampshire and Massachusetts, including the Route 3 “Tech Corridor,” a 30-mile stretch that serves as the employment backbone of Southern New Hampshire. Additionally, residents are within a short drive of retail destinations such as the Merrimack Premium Outlets, one of the state’s largest shopping centers.
Constructed in 2022, Edgebrook Residences consists of four four-story residential buildings with elevator service, subterranean parking, and a standalone clubhouse that offers many high-end amenities. Edgebrook’s units, a mix of studios, one-bedroom, and two-bedroom apartments, are designed with luxury finishes, including white quartz countertops, custom cabinetry, wood-style flooring, kitchen islands, stainless steel appliances, and designer lighting fixtures.
Amenities include a modern fitness center complete with a yoga studio and exercise bikes, a resort-style outdoor courtyard with grilling stations and fire pits, a dog park and pet spa, and multiple co-working spaces. To improve the resident experience, Northland plans to implement strategies such as smart-home technology, bulk internet, and an expanded valet trash program. — Northland press release
The Boulos Company secures 12,700-square-foot deal for RNA Distribution, operating as Puls Wholesale
RNA Distribution (DBA Puls Wholesale), a leading distribution company, has signed a lease for 12,700 square feet of industrial space at 118 Northeastern Boulevard, Nashua, NH. This strategic expansion aims at serving an identified underserved market in New Hampshire while also enhancing the company’s ability to meet growing demand in both New Hampshire and Massachusetts.
The new location at 118 Northeastern Boulevard, Nashua, NH, is equipped to support Puls Wholesale’s core operations, providing a space for distribution, product handling, and client interaction. This facility will allow for on-site client visits, offering them the opportunity to view product offerings firsthand.
“We’re excited to expand into New Hampshire, a market we’ve identified as having significant potential,” said Nick Vora, Member of Puls Wholesale. “This facility allows us to not only better serve our existing customers in the region but also capture new market share in New Hampshire and Massachusetts. The setup is perfect for our distribution needs and will help us provide an enhanced experience for our clients.”
The lease was brokered by Nick DeNisco of The Boulos Company, representing Puls Wholesale. “Puls Wholesale was seeking a location that not only provided optimal space for their operations but also allowed them to offer an elevated experience to their clients,” said Nick DeNisco. “This facility checked all the boxes, providing the right infrastructure and strategic positioning to meet their business goals.”
Representing the landlord, Mike Tamposi of The Boulos Company added, “This transaction highlights the growing demand for industrial space in business-friendly New Hampshire, which offers several key advantages, particularly related to taxes, costs, and the regulatory environment. This lease further demonstrates the property’s appeal to businesses looking for a central location with excellent accessibility.” — Boulos Company press release
