Once the cleanup is completed over 500 units of housing will be built for the workforce of the Nashua region.
February 28, 2023 – The New Hampshire Business Finance Authority has approved a loan of up to $3,000,000 to help fund the remediation of the Mohawk Tannery Superfund Site in Nashua. The cleanup is made possible through a partnership between the EPA, New Hampshire Department of Environmental Services, the City of Nashua, and Thorndike Development. Once the site is fully remediated, a 546-unit residential community will be developed.
The Mohawk Tannery site is a former leather tannery that produced tanned hides from 1924 to 1984. As a by-product of this operation, the tannery produced sludge and acidic residues that were disposed of on-site in a series of lagoons.
Once the site has been fully remediated, Thorndike Development will purchase the property and build a 546-unit residential housing community, consisting of a mix of condos and apartments, 20% of which will be designated as affordable housing.
“This project will have a significant positive impact on the Nashua community,” stated James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. “In addition to much-needed housing units being developed, a long-time Superfund site that posed a risk to the local environment will be remediated. We’re honored to partner with both the developer and the City of Nashua on a project that required highly creative financing from the BFA.”
It’s anticipated the remediation will take one year to complete, with the housing built in phases shortly thereafter. Once finished, the new housing units are expected to generate over $2,200,000 of new tax revenue annually for the city of Nashua. During construction, approximately 200 construction workers will be employed on-site, and when complete, 10 full-time jobs will be required to manage the property.
“This is an exciting step forward for Nashua,” said Nashua Mayor Jim Donchess. “We’re so pleased to partner with the NHBFA, EPA, Bernie Plante of Blaylock Holdings, and Thorndike Development. To have the former Mohawk Tannery site finally cleared up and transformed into usable and much-needed residential property is a huge win for the city.”
About the NHBFA
The Business Finance Authority (BFA) was created to foster economic development and create employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs which expand the availability of credit in the state. Our customers include manufacturers, small and medium-sized businesses, health providers, and non-profit educational and cultural organizations.