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|These Flats Make Going Small Prestigious|
|Published Friday, December 23, 2016|
Tiny apartments used to be a bad thing. But the tiny house movement has proven that you can live large in a small space.
Capitalizing on that trend is Elm Grove Companies in Manchester, which renovated a centuries-old building at the corner of Hanover and Union Streets in Manchester into chic, open concept studio apartments ranging from 280 to 410 square feet.
The Flats@Hanover Commons opened in October. By late September, two-thirds of the units had already been rented. “In contemplating this project, we didn’t understand what this market would bear. The response has been tremendous,” says Newton Kershaw III, CEO of Elm Grove companies, adding demand has outpaced their expectations.
The flats come with beds that fold into the wall and are attached to a couch or desk that collapse beneath the bed. The 22,000-square-foot building hosts 32 units, most of which are the tiny variety. Apartments include granite counters, accent lighting that can change colors, built-in cook tops, and a convection microwave. The building also features controlled access, a surveillance system, an elevator, locked bicycle storage, laundry room, fitness center, and an outdoor courtyard.
Businesses located on the first floor include a cafe run by Tom Puskarich, the former owner of Z restaurant on Elm Street, which will also offer meals-to-go for residents. Among the other first-floor tenants are StayWorkPlay NH, Capital Region Development Corporation, SCORE and Kerry Schleyer, Landscape Architect.
Kershaw says the location made it an attractive acquisition. “There are over 1,000 employees within an eight-minute walking distance,” he says, pointing out it is near several restaurants and cultural attractions.
“We went into this thinking we were looking at a millennial population and young professionals,” says COO Chris Schleyer. While that is true, some tenants are older and single or divorcees. “It’s also ideal housing for people over 65,” he says.
Kershaw says it was important that the building have a mix of commercial and residential uses. “There is a need for mixed-use buildings. It’s important to bring density to downtown businesses and make retail more viable,” Kershaw says. For more information, visit elmgrovecompanies.com.
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