The site of the former iconic Hoffman’s Furniture store in the heart of downtown Rochester will soon see new life with construction underway for a 6-story mixed-use building with financing support led by MVSB (Meredith Village Savings Bank).
Developers Paul and Greg Grant of Lilac City Development purchased the site at 44-55 North Main Street in November 2021. The former furniture store had sat vacant for more than 30 years before being demolished in August 2022. Traynor Cully, MVSB Commercial Loan Officer, worked closely with Paul and Greg to develop a $13 million construction lending package to lead financing efforts for the project.
Once complete, the building will feature 9 one-bedroom and 36 two-bedroom apartments, 9 interior garage parking spaces, as well as a 2,300-sq-ft commercial space on the lower level. Residential units will be equipped with desirable modern touches, such as quartz countertops, stainless steel appliances and in-unit laundry. Additional amenities will include a pet washing station and package pickup area.
“The building design takes inspiration from the downtown history, but incorporates a modern feel with new design elements already present along North Main Street,” said Greg. “We hope this project will help address some of the housing needs in the area and further downtown Rochester’s resurgence.”
“It takes a great deal of trust and partnership to tackle important community projects like this one, and we were very happy to be able to work with a local bank who shares our commitment to doing right by the people and businesses of Rochester,” said Paul. “Traynor and the team at MVSB have gone above and beyond in addressing our needs in finding the right financing solutions that have helped this project move forward. We are grateful for the expertise and support of all those involved.”
The building was designed by Market Square Architects of Portsmouth with construction led by Groen Construction of Rochester. The City of Rochester also granted Lilac City Development the community revitalization tax relief incentive, which encourages investment in rehabilitation of under-utilized building in eligible areas. Construction is anticipated to be completed in June 2024.
“MVSB is proud to invest in local business opportunities that support the Rochester community. We are excited to see this project taking shape and look forward to all it will bring to the downtown area,” said Traynor.
Unlike a stock bank, MVSB is a mutual savings bank that operates for the benefit of its depositors, borrowers and surrounding communities. As a result, MVSB has remained steadfast in fostering the economic health and well-being of the community since it was founded in 1869. For over 150 years, Meredith Village Savings Bank (MVSB), has been serving the people, businesses, nonprofits and municipalities of New Hampshire. MVSB and its employees are guided by the values of accountability, mutuality, excellence, respect, integrity, teamwork and stewardship. To learn more, visit any of the local branch offices located in Alton, Ashland, Center Harbor, Gilford, Laconia, Melvin Village, Meredith, Moultonborough, Plymouth, Portsmouth, Rochester or Wolfeboro, call 800.922.6872 or visit mvsb.com.
Construction is underway for a 6-story mixed-use building in the heart of downtown Rochester with financing led by MVSB. Developers Greg and Paul Grant of Lilac City Development (front left and back right) stand with Traynor Cully, MVSB Commercial Loan Officer (back left), and Dave Groen of Groen Construction.
