A pair of developers behind some of Manchester’s largest apartment communities is teaming up for one of their biggest — and tallest — projects in the neighborhood.
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South Falls II would be similar to the 14-story, 256-unit South Falls I, while a potential South Falls III could be a smaller condo building upstream.
Guy Blundon and Mark Purcell this week sold River’s Edge, a 10-story, 213-unit apartment tower at 505 Porter St., to Denver real estate firm Four Mile Capital.
Thalhimer was the seller and the land is slated for 344 apartments between two 11-story towers connected by a sky bridge.
Guy Blundon and Mark Purcell are behind the $75 million project, which would feature two towers connected by a sky bridge that will double as the neighborhood’s newest event space.
After striking a deal with the city over access to the site, a local development firm is moving forward with plans to add two towers beside Manchester’s Mayo Bridge gateway.
“We’ve been investing in the neighborhood for a long time,” the developer said. “We’re huge believers in Manchester — this, to us, is not a gamble.”
The company paid $4.4 million for the 1.5-acre property at 301 Hull St. after it was rezoned to allow up to 12 stories and a mix of uses.
“These guys are also reaching a point in their age where they looked around and said, ‘Maybe we should just sell the whole deal and let somebody else build it,’” said broker Bruce Milam.
The nearly 2-acre plot is currently used as a UPS logistics center but is under contract to be sold and in the midst of a rezoning application.