2015 citizens bank business insiders breakfast: housing in greater nashua

Business Insiders BreakfastHousing in Greater Nashua

2

Thomas F. Galligani, Jr.Economic Development DirectorThe City of Nashua

Sarah MarchantCommunity Development DirectorThe City of Nashua

Greater Nashua Housing Perspectives &

Trends

5

Nashua Area Housing Units and Vacancy

Nashua Rest of Region -

15,000

30,000

45,000

60,000

Occupied Vacant Units

6

Nashua Area Housing Tenure

Nashua Rest of Region

84%

16%

Owner Occupied

Renter Occupied

59%

41%

Owner Occupied Renter Occupied

9

Opportunities for Density

10

Median Sq. Ft. of Floor Area of New Homes

https://www.census.gov/const/C25Ann/sftotalmedavgsqft.pdf

16

Housing by Type

1 Unit De-

tached46%

1 Unit At-

tached5%

2 Units8%

3 or 4 Units8%

5-9 units6%

10-19 units8%

20 or more 16% Mobile Home

3%

Chart Title

1 Unit Detached76%

1 Unit Attached9%

2 Units5%

3 or 4 Units2% 5-9

units3%

10-19 units0%

20 or more3%

Mobile Home

2%

Boat, RV, Van

0%

Chart Title

Nashua Rest of Nashua Region

17

Building Permits Issued AnnuallyNashua Rest of Nashua Region

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-200

0

200

400

600

800

1000

Single Family MultifamilyMobile Homes

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-200

0

200

400

600

800

1000

Single Family MultifamilyMobile Homes

18

Housing Affordability

19

Future Housing Trends & Opportunities

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Here come the Millennials

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Lowest Homeownership Rate in 30 years…

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Why the decline in homeownership?• Lingering effects of the Great Recession• Delayed age of marriage and childbearing• Stagnation of real incomes• Student loan debt• Declining interest in becoming homeowners• Very tight credit

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Why the decline in homeownership?“…first-time buyers remain scarce…The younger millennial generation, ages 18-34, suffers from a shortage of down payment savings as they cope with lower starting salaries and high student debt loads.” - The National

Association of Realtors, October 22, 2015

24

Emerging opportunities for rental housing

“Rapid growth in the renter population will create significant demand for new rental housing construction and encourage shifting of owner-occupied dwellings to rentals”-Urban Institute, October 2015

25

Senior households will expand dramatically

• Transition to single floor living

• Desire to live closer to friends and family

• Desire to live near amenities, walkability

• Desire to live independently

26

Is Greater Nashua Ready?

27

Apartments at Cotton Mills (Downtown Nashua)

28

Apartments at Cotton Mill (Downtown Nashua)

29

Monis Farms Estates

30

Tara Heights at Gateway Hills

31

Tara Heights at Gateway Hills (Exit 1)

32


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34

Hayden Green Condominium of Nashua

35

The Residences at Hayden Green (+55 rental)

36

Bridge Street Waterfront Development Project

37

Lofts 34 by Brady Sullivan Properties

Greater Nashua Housing Perspectives & Trends

December 2015

Sarah MarchantCommunity Development Director

Thomas GalliganiEconomic Development Director

© 2015. City of Nashua, NH USA

39

Robert Tourigny Executive DirectorNeighborWorks Southern New Hampshire

40

Housing in Greater Nashua

www.nwsnh.orgwww.HOMEteamnh.org

http://www.nwsnh.org/

http://www.hometeamnh.org/

Greater Nashua Housing Data

Town Vacancy PovertyPre-1980

Assisted Rental Units

% Change in Jobs 2009-2013

# Jobs in Town

Share of Jobs

Walkable Main Street or

DowntownAmherst 0.0% 2.9% 59% 49 -8% 3,636 4.4% 31Brookline n/a 2.2% 38% 0 3% 386 0.5% 35

Hollis n/a 1.4% 43% 22 0% 1,478 1.8% 37Hudson 1.2% 4.5% 49% 64 -11% 8,499 10.3% 66

Litchfield 1.4% 2.3% 39% 30 18% 560 0.7% 20Lyndeborough n/a 5.7% 68% 0 8% 77 0.1% 3

Merrimack 1.9% 4.2% 47% 120 10% 15,818 19.1% 39Milford 1.5% 6.7% 49% 132 -2% 5,375 6.5% 81

Mont Vernon n/a 7.6% 53% 0 -11% 65 0.1% 9Nashua 2.5% 10.8% 66% 1799 5% 45,676 55.3% 92Wilton 0.0% 5.2% 72% 31 -11% 1,095 1.3% 36

Casimir Place - Nashua

Hidden Pond -

Amherst

Community Impact

Measurement

Here’s the neighborhood where we surveyed!

Where Did This Take Place?Tree Streets

Community Impact

Measurement

TransiencyOccupancy

Neighborhood Characteristics

Housing Stock Approx. No. of Units

Percent of Units

Single family detached homes 190 14%Single family attached homes 27 2%Two-unit homes and duplexes 374 27%

Units in small apartment buildings

726 54%

Units in large apartment buildings

41 3%

Community Impact Measurement

Over half (55%) have

some satisfaction

with the community!

About half (52%) would recommend

the neighborhood

to others!

But 1 in 3 definitely would

not! Negativity Declining! Optimism

Rising!

Community Building - Nashua

I HEART THE TREE STREETSThe result of a Community Leadership Institute, 500 stickers were created and handed out in the Tree Streets Neighborhood

James VayoRegional Project ManagerRenaissance Downtowns

Community Driven, Transformative Redevelopment

Investing in Crowdsourcing the Triple Bottom Line

Changing Consumer Preferences Drives GrowthRise of the Creative

ClassBy the Numbers

UNIFIED DEVELOPMENT APPOACH™

Here is How the Development Process Works

Process Plan

UNIFIED DEVELOPMENT APPOACH™Partners Process

Engaging The CommunityWe go nowhere without public

support

Crowdsourced Placemaking

Visualize Nashua Monthly Meetings

Visualize Nashua PlacemakingMost Liked Uses:• Riverfront

Promenade!• Small Music &

Performance Venue

• Downtown Marketplace

• Roof Decks• Housing at on

and around Downtown

• Downtown Movie Theater with IMAX

• Downtown Murals• Pedestrian Mall• Commuter Rail

Visualize Nashua - Placemaking

Promenade Feasibility

The DevelopmentTimeline

Active Project Investments

Planning Progression: Timeline

RoundaboutFunded

Phase I Site Approved

Stormwater Completed

InfrastructureUpgrades

Bridge St.Breaks Ground

BIDA Approves Concept Plan • 750 residential

units• Neighborhood

based retail• Commercial office

space• Riverfront

restaurant



Roundabout

Funded




BIDA Approves Concept Plan




RoundaboutFunded


Stormwater

Completed






RoundaboutFunded



Infrastructure

Upgrades





Roundabout

Funded




Bridge Street Breaks Ground


BREAKS

GROUND

SPRING

2016

The DevelopmentSite Challenges

Merrimack River Flood Control System

Overflow Basin

EarthenLevee Earthe

nLevee

Merrimack River Flood Control System

EliminateEmergency Basin

Address Levee DeficienciesOvergrown trees, erosion, drainage, encroachment

Upgrade Pump Station at CSO 5

Combined Sewer Overflow

Primary Sewer Interceptor

Screening & Disinfection Facility Siting

Primary Sewer InterceptorNew CSO

Infrastructure

Screening & Disinfection Facility

Site Challenges: Existing Skate Park

Skate Park

The DevelopmentMaster Plan

The Bridge Street Development Site

Approved Bridge Street Concept Master Plan

Concept Diagram: Phasing Plan

Phase One Development:

The Eastern Parcel

Phase One Development – Eastern Parcel

Phase One Development – Concept Plan

Phase One Development: Site Plan

Phase One Development: Building Elevation

Site Plan Approval AnticipatedBefore the End of 2015

Phase One Development: Site Plan Rendering

Innovative Engineering: Porous Concrete

If It’s Raining It’s Draining

Innovative Engineering: Podium Construction

The Next Step in Density

The Bridge StreetWaterfront Revitalization

James VayoAssistant Project Manager

Renaissance Downtowns at Nashua

[email protected]

Phone: 617-908-4608

Thank you for attending!

Legislative Symposium & Reception -January 8th, 2016

January Business After Hours @ RJ Finlay's 30 Temple Street - January 14th, 2016

Economic Outlook Luncheon – January 20th, 2016January AM Networking - January 28th, 2016

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