By MICHAEL KITCH, LACONIA DAILY SUN
LACONIA — Racked by a financial scandal and the great recession, a major residential development at The Weirs, which was abandoned a decade ago, has been revived under new ownership.
Phoenix Capital LLC of Andover, Massachusetts, proposes to develop a 21.4-acre tract on Endicott Street East, where Vatche Manoukian, a Nashua developer, planned Shaker Hill Estates, a community of 126 townhouses. The project was approved by the Planning Board in 2006, the land was cleared, and about $1 million was invested in infrastructure. But, Manoukian ran afoul of Financial Resources Mortgage Inc., the Meredith firm that collapsed when its Ponzi scheme turned sour. When Manoukian declared personal bankruptcy in 2009, the real estate market was in the grip of recession and the project laid fallow until this spring.
Phoenix Capital will present two conceptual designs for what it calls Lakewood Village to the Planning Board next week. The project would be built on a flag-shaped lot fronting on Endicott Street East and abutting the Weirs Community Park to the west. The development would be served by the existing infrastructure, which includes storm drains and sewer lines. Both designs provide for 53 single-family homes and 17 duplexes along roadways looping through the property and around a large green space in the rectangular portion of the lot. The lots would range in size between 4,000 square feet and 10,000 square feet, and each dwelling unit would be about 2,200 square feet and projected to sell at between $250,000 and $300,000. The development would include a small park and playground as well as offer access to the Weirs Community Park.
Although the Planning Board approved the original project, that approval has expired. If its conceptual design passes muster, Phoenix Capital will be required to submit a site plan and proceed with the planning process once again.
Townhomes and single-family homes at The Weirs will be built according to this plan if approved by the city. (Courtesy graphic)
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