Concord rejects apartment project over funding to developer
CONCORD, N.H. (AP) — A New Hampshire city has rejected a project that included more than 120 apartments over concerns about providing $3.5 million in funding and incentives to the developer.
Concord Mayor Jim Bouley and eight councilors voted against the offering to Dol-Soul Properties on Monday night.
The project proposal was pitched two years ago and includes plans for 125 market-rate apartment units, a parking garage and a restaurant at the site of the former Department of Employment Security building in downtown Concord.
The Concord Monitor reports that only six councilors voted in favor of the plan and the project would need four more votes to go forward.
Dol-Soul initially said the project was expected to cost $30.4 million in 2017 but there has been a $7 million increase in estimated costs.