Manchester OKs $140M Parkade development with housing, retail, office space

Manchester OKs $140M Parkade development with housing, retail, office space

With an 8-0 vote Tuesday, Manchester’s board of directors approved both a development and tax assessment agreement for a $140 million project to turn the vacant Parkade lot into a commercial and residential hub. The board unanimously voted to approve the plan for the developer, Manchester Parkade 1 LLC, to revitalize the site and get it back on the town’s tax roll. Members of the development team spoke with the board Tuesday to give them a detailed rundown of what the three-phase project will look like. The tax agreement would give the developers a 100 percent tax break for the first year of each phase of the project, with the percentage decreasing each subsequent year until it is at the full level. The phase I agreement gradually increases the tax payment over seven years, the phase II agreement is over six years, and the phase III agreement scales up over five years.

https://www.hartfordbusiness.com/article/manchester-oks-140m-parkade-development-with-housing-retail-office-space

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