Claremont Sells Riverfront Mill for New Market Rate Apartments

Claremont completed the sale of the four story brick building at 17 Water Street on December 29, 2025, transferring ownership to developer 1852 MB Funds for 807,000 dollars after negotiations that reduced an earlier agreed price. The developer intends to create roughly 30 apartment units with views of the Sugar River and anticipates occupancy by mid 2027, though permitting and National Park Service approvals for historic tax credits will determine the exact schedule.

The building, constructed circa 1900 as part of the Monadnock Mills textile complex, has a gross area of about 32,000 square feet. The state previously owned and renovated the property for offices housing the Department of Motor Vehicles and Health and Human Services. HHS vacated the building in February 2023 after frozen pipes burst. The city purchased the property and carried it while marketing the site for redevelopment, and officials expect sale proceeds to cover the city loan and carrying costs.

Developer Matt Bacon disclosed that additional repairs were discovered during a recent inspection, particularly on the side exposed to the Sugar River, and said those findings partly explained the negotiated sale price and some timeline adjustments. The firm plans to work with Ganek Architects and will seek National Park Service approval for historic tax credits to help finance the renovation. Franklin Savings Bank will provide construction financing for the project.

Local leaders framed the transaction as a practical response to a persistent housing shortage. Claremont Mayor Dale Girard called the project "badly needed" and said it will provide more housing options for current and prospective residents. Converting the vacant riverfront building into apartments leverages existing downtown infrastructure, preserves a long standing structure, and taps federal historic tax incentives to narrow the financing gap that often blocks adaptive reuse projects.

The sale underscores continuing interest from outside developers in Upper Connecticut River Valley real estate tied to historic preservation. Key uncertainties remain, including approval of historic tax credits and local permitting timelines, but if completed as planned the conversion will add dozens of units to Claremont's housing inventory and put a prominent vacant property back into productive use.