Manchester officials are once again looking for developers for the former Parkade property on Broad Street and have issued a request-for-proposal for the site.
Almost two months after nixing a deal with Easton-based Manchester Parkade 1, the developer picked two years ago to lead a $140 million mixed-use project at the site, the town has issued another RFP for the 23.2-acre property.
Per the RFP, town officials want the new developer to carry out the vision for a revitalized Broast Street area it’s been pursuing since the adoption of the Broad Street Redevelopment Plan back in 2009.
“Residential, retail, service, office, entertainment and civic uses are possibilities throughout the area and for the redevelopment parcel. The Town recognizes market realities will play a significant role in the eventual success of a project,” town officials wrote in the RFP. “Whatever the proposed use, the development should be compact and dense, creating a strong sense of place where people want to be.”
Among other things, the town said it is willing to discuss negotiated land sale prices or land lease arrangements; tax increment financing; tax assessment agreements; and public financing in the form of revenue bonds with developers.
The town first bought the multi-parcel property in 2011 after Manchester voters approved an $8 million bond to revitalize the Broad Street area. Since then, all buildings on the site have been removed and it’s been prepped for development.
In 2019 the town named Manchester Parkade I LLC as the preferred developer for the site. The developer’s planned $140 million project, called Silk City Green, would have converted the vacant Broad Street site into a mixed-use development with housing, retail space and a hotel. The project was expected to break ground on initial construction this spring, and the developers expressed surprise that the town was moving on.
The town and Manchester Parkade I signed a development agreement in April 2021, which was subsequently twice extended as the developer grappled with financing issues related to Department of Housing and Urban Development funding. Those funding issues were resolved, the developer said.
Officials from Manchester Parkade 1 said in January that they’ve already pumped $1.3 million into the project, so they’d be consulting with their legal team about what options they have moving forward.
The RFP acknowledges this back and forth.
“The Development Agreement expired and the Town is no longer working with the Prior Developer to develop the Parkade site. Nevertheless, the Prior Developer may claim certain contractual rights to the Parkade site, which the Town denies, but any proposal to develop the Parkade may be subject to claims of the Prior Developer,” the RFP states.
The full RFP can be read here.
