How Key Real Estate Projects are Fueling Downtown Areas in N.H.

New Hampshire downtowns are booming now more than ever, and it is all thanks to numerous key real estate developments. This is especially true in southern New Hampshire – where more than $287M in real investments occurred in Q3 2022 alone.

For the past five years, the Granite State has been seeing its biggest population gains from migration from other states (89%, according to the University of New Hampshire). Four key cities including Laconia, Franklin, Keene, and Somersworth have seen the biggest transformation post-pandemic.

• Laconia: Prior to 2021, The Colonial Theater, a historic 51,000-square-foot performing arts facility in the heart of the town, sat vacant for over 10 years. After a $14 million renovation, its newfound popularity poured life into Laconia, triggering a domino effect with neighboring structures. In the past five years, 15 new businesses, restaurants and theaters opened.
• Franklin: The Winnipesaukee River, which once powered mills, now powers a white-water rafting hub thanks to Mill City Park. Since its opening in March 2022, 8 new restaurants and local shops have launched, including a hedgehog store, the only one of its kind in the country, and a brewery owned by a couple who relocated to New Hampshire from Texas.
• Keene: Similar to Laconia, the revitalization of Keene’s local theater was a major player, but it wouldn’t be possible without donations from local businesses and community members striving to make their community the best. The Colonial Performing Arts Center received a $12.5 million investment to renovate the theater in 2021. Other community funded projects included $4.5 million donated to the development of MoCo Arts and $5M for the revitalization of the Keene Public Library.
• Somersworth: A vibrant community gained nearly 200 new community members since 2020 thanks to “Little Indonesia,” a first-of-its-kind project that connects Indonesian communities within New Hampshire and beyond, through expressions of art, culture, and economic opportunities via a vibrant, revitalized business district located in Downtown Somersworth.

On a statewide front, the InvestNH program, a transformative $100 million investment in affordable and workforce housing in New Hampshire, expects to encourage additional revitalization projects throughout the state.