Manchester developer Dick Anagnost filed a permit application with the Lebanon’s city planning department to begin construction on a $4 million, three-story apartment building. He hopes to be able to break ground on the project this fall and have it ready for occupancy next summer, according to Anagnost.
The apartment building is the first in a planned 153-unit residential complex in Altaria Lebanon Park, a mixed commercial and residential development spanning 65 acres of which the 4-year-old Element hotel was the first phase.
Anagnost expects the entire five-building apartment project to be completed by 2019 at a cost “all-in, probably $20 million to $30 million,” he said in an interview.
And even though construction on the project has not yet begun, “Apartment Leasing” signs are already up at the entrance to the Element hotel. Planning department administrator Leann Cushman estimates approval time to “release” a permit is about a week.
After years of complaints about the chronic housing shortage in the Lebanon and Hanover area more units are now in the various stages of planning, although how much the new developments will relieve pressure on the near-zero vacancy rate remains to be seen. Five different projects totaling 342 units are in various stages of planning and development in Lebanon.
The Altaria project will include one-, two- and three-bedroom units, along with underground parking, Anagnost said. He envisions residents to be “mostly young professionals, but we’ll have some families too because of the three-units. We’re hitting a broad spectrum.”
The complex also will include furnished units available for people in need of a short-term residence near Dartmouth-Hitchcock Medical Center, such as physicians…