21 Water St. Conversion Won’t Change Space, Occupancy
Claremont —The application on the Planning Board’s May 11 agenda for a“condominium conversion” at 21 Water St. will not alter the physical space of the building, one of the investors with Claremont Mill Redevelopment LLC said last week.
In a telephone interview Friday, Rusty McClear said that when the renovation of the historic Wainshall building was being planned in 2006, a partnership needed to be formed in order to apply for new market tax credits.
The partnership included Woven Label, Red River Computer, and John Illick, a developer from Burlington who was part of the investment group that renovated three historic buildings along the Sugar River in the downtown.
With the tax credits expiring, McClear said, the partnership will no longer exist and the floors will be owned individually. “It will be the same owners, the same (ownership) percentage and same space,” McClear said.
McClear said Woven Label will own the bottom two condo units, which is home to the Common Man Inn, with Red River and Illick owning the other units. National Field Representatives also is a tenant in the Wainshall building, which is 100 percent occupied.
The application is for condominium conversion of five commercial units.
“It is a non-event for the town but the right thing to do for us,” McClear said.
The city’s planning and development director, Nancy Merrill, said Friday that state law requires Planning Board approval even though there will be no construction or change in ownership.
“The act of turning them into condos is considered a subdivision,” Merrill said. Subdivisions must go before the Planning Board.