New Development Could Transform Market Street

Chris Erickson has been meeting with the city’s Historic District Commission for several months to finalize the design for a major retail/residential project that, if approved, could transform the lower end of Market Street.

On Wednesday night, Erickson, one of several investors who make up the group Eport Properties, LLC, will discuss the plans again for 175 Market St. with the HDC at City Hall at 6:30 p.m. So far, their proposal and design to transform the former Frank Jones Brewing Co. circa 1900 into an upscale development with condos and some ground floor retail shops has yet to gain enough support to move on.

“We have been rehashing the details of the design,” said Erickson.

Erickson said the developers want to renovate the interior and exterior of the current building at 175 Market St. and build an addition on a lot next door that is near Granite State Minerals.

He explained all of the floors above the ground retail units will be high end residential condos. He could not say how many condo units they will create or how big they will be.

Erickson said condo owners would have parking access from Ceres Street, according to the design that CJ Architects of Portsmouth has created. Businesses currently located inside the existing building on 175 Market St., such as the Ceres Street Wine Shop, will be allowed to remain.

Erickson said he and his group purchased the 175 Market St. building in November 2011 and they are content to wait for the right time to fully develop their project that he says will blend in with the rest of Market Street and make the city proud.

He firmly believes they will have no trouble finding condo buyers or retail tenants when they complete the development because of its location.

When asked how much it will cost to build their development, Erickson wouldn’t even volunteer a ballpark figure.

“Until we have an approval and know exactly what the building will look like, we won’t be able to figure out the exact cost estimates,” he said.

Timing is everything when it comes to making waterfront retail/residential developments successful, but Erickson believes time is on his group’s side because Portsmouth continues to be a high demand place.

“We’re always looking for opportunities, and Portsmouth is a place that is poised to grow,” he said.