Redevelopment Projects

Even though the City of Portsmouth has limited land with which to work, its potential is unlimited. The Authority is committed to revitalizing areas that have, for whatever reason, become liabilities instead of assets. Whether it’s a small boost or a complete transformation, the Authority’s work – including the developments listed below – helps generate jobs, increase property values and tax revenue, reduce crime and improve the quality of life for Portsmouth citizens. The goal of all of our redevelopment activities is to ensure the highest and best use of the resources available to the City of Portsmouth for the benefit of all our citizens

MIDTOWN

The Authority purchased MidCity Shopping Center on behalf of the City through a friendly condemnation proceeding. Six additional parcels in all were assembled: Firestone, VEC, Murray’s and two parking lots.

Wal-Mart purchased the former MidCity Shopping Center property in the first quarter of 2006. The project is currently under construction and is scheduled to open in early 2007. This will be a 200,000 square-foot Super Center with grocery, tire and lube, pharmacy and gas pumps.

Victory Crossing

To date, total development cost is $50 million
The 1999 real estate assessment was $7.7 million
The 2006 real estate assessment is $58.3 million
Real estate tax revenue increase from $105,000 in 1999 to $563,335 in 2005
Total retail sales increase from $8.8 million in 1999 to $93.7 million in 2005
$1.4 million in retail sales and restaurant/alcohol tax in 2005
840 jobs created
Two developable sites remain, approximate sizes are 6.2 acres and 2.7 acres

600 BLOCK OF HIGH STREET

Acquired 15 severely deteriorated properties in 1995 through Community Development Block Grant (CDBG) Program
Recycled property through Requests for Proposals to bring buildings to highest and best use
Now one of the most successful retail blocks in the downtown area
Buildings valued at $298,750 before redevelopment are now valued at $2.5 million
Annual retail sales of $1.8 million, generating annual retail sales taxes of $18,000
Annual real estate taxes – $62,000

PARK VIEW REVITALIZATION

City to install new water and sewer throughout community
New landscaping to be planted throughout community
Increase code enforcement and police presence
Construct new Park View Elementary School
Restore old homes by converting back to single-family and build new homes on vacant parcels
11 homes to be restored by Garcia-Spiers Development Company –average sales price $235,000
30 new homes to be built by the Olde Towne Company – current sales prices are $449,000 to $495,000

THE MYRTLES AT OLDE TOWNE

Former Portsmouth General Hospital and Manning Convalescent Site
Roseland Property Company Developer – 246 rental units
Rents ranging from $1,060 to $1,630
Units ranging from 751 to 1,137 square feet
First units were available in January 2005
Project was complete by June 2005
Total development cost – $22 million
Estimated real estate taxes generated – $312,400

BON SQUARE DEVELOPMENT

Former abandoned Municipal Health Department site – approximately .75 acre on 600 Block of London Boulevard
Selected developer – Bon Square Developers (Sara Steele, Bill Manning)
Nine homes ranging in price from $350,000 to $640,000
Minimum of 2,500 square feet
Total development cost – $4 million
Over $58,000 in real estate taxes to the City

600 BLOCK OF LONDON STREET

The Authority acquired six severely deteriorated turn-of-the-century houses with a total assessed value of $321,000
Selected developers based on competitive proposals
Owners invested an average of $200,000 per house

Total assessed value is now over $1.3 million, generating over $18,850 in real estate taxes for the city