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September 06. 2013 9:30PM

Second phase of Nashua apartment complex gains approval

NASHUA — The second phase of the Tara Heights apartment complex, which will bring 384 units into the city’s south end, will be constructed in two separate phases.

On Thursday, the Nashua City Planning Board approved, with little discussion, a subdivision to create two new lots at 11 Digital Drive, where the apartments are about to be built.
 
An additional 180 apartments were previously constructed as part of the first phase of the Gateway Hills community within the Nashua Technology Park, which provides a uniquely integrated residential and commercial complex off Exit 1 of the F.E. Everett Turnpike.
 
Richard Cane, planning director for the John J. Flatley Co., told city planners this week that the 384 new units will consist of eight, four-story multi-family residential buildings. The one- and two-bedroom apartment homes were approved by the planning board earlier this summer, but the lot configurations were amended Thursday.

“We do need to split it into two phases,” Cane said of the second round of construction.

Financing for the first three of the overall eight apartment buildings is nearly secure, according to Cane, who said the Flatley Company hopes to close with the financial lender by the of the month.

As a result, a nearly 34-acre lot will be subdivided into two parcels — one of them consisting of 12.6 acres and the other about 20.8 acres. The first three apartment buildings, or about 144 residential units, will be constructed on the smaller lot, said Cane.

The remaining five residential buildings, or about 240 apartments, will later be built on the larger parcel, he said, explaining there could be two different financial lenders for the second phase of Tara Heights.

Although the first three buildings will not be constructed this month, the closing is expected to take place by Sept. 30, added Cane.

“There is nothing out there. It is all vacant land at this point,” he explained.

Market conditions will determine when the new buildings are actually completed and occupied, Cane said earlier, adding the leasing of the 180 apartments in the first phase of the project has gone extremely well.

The Flatley Company has assembled a number of parcels over the years, which now encompass about 400 acres of contiguous land, according to a staff report on file with the Nashua City Planning Department.

City planners initially approved the first phase of Tara Heights in 2012, although Tara Commons was approved in 2011.

In conjunction with the apartments, a large retail village referred to as Tara Commons has been built at the entrance to Gateway Hills on Spit Brook Road. Flatley currently owns more than one million square feet of research and development space within the Nashua Technology Park.

The new apartment units will be built on Digital Drive, which is located to the rear of the former Hewlett-Packard building at the site.
 
Last April, city planners approved the construction of a new retail building at Gateway Hills and the expansion of a roadway at the industrial park to allow for the second phase of development.
 
The multi-million dollar housing development, once complete, will feature upscale apartments with amenities such as an outdoor swimming pool, clubhouse, playground, garages, new access drive, emergency access road and recreational area.
 
Cane said in April that at least one additional project, which includes a large building to house an undisclosed research and development company, may also be presented to city planners in the near future. That proposal was not unveiled on Thursday.

khoughton@newstote.com


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