Knowing who likes what is key to development sales. The sale and subsequent development of the Manchester Motorworks property at the corner of Hull and 7th Street in Industrial Manchester proved this adage to be true.
Developer: Genesis Properties
Management: Genesis Properties
Architect: Walter Parks Architect
Contractor: MGT Construction
Units: 30 Residential Apartments + 3000 SF Retail/Office
Building Size: 30,000 SF
Development: Federal and State Historic Tax Credits + Enterprise Zone
Broker of Record: One South Commercial/One South Residential
The Manchester Motorworks property was was formally a Chevrolet Dealership built in the early 20th Century. At the time of acquisition, it had been vacant for several years.
One South understood that the correct developer for a property such needed to have the following characteristics:
- understood the Historic Tax Credit development model
- was sufficiently capitalized to develop in the challenging lending environment post 2008 crash
- could accurately model rents in the emerging Manchester sub-market
After hosting a short round of tours for a specific set of potential developers, One South was able to identify a group that met all of the necessary characteristics and had the bandwidth to take on the development of a 30,000 SF warehouse. In less than 30 days, the seller had an acceptable offer in hand and within a short time thereafter, closing occurred and development of the Manchester Motorworks began.