Manchester, NH – The Manchester Development Corporation (MDC) recently closed on a $500,000 development loan to Germania Front, LLC, a joint venture partnership between Alta Properties and Roedel Companies - owners/operators of Manchester’s Hilton Garden Inn. The loan will be used to help finance the construction and renovations of the former Clarion Hotel located on the Amoskeag traffic circle off I-293 Exit 6 into The Falls Center and La Quinta Inn and Suites. The four-story hotel will feature approximately 109 rooms. A one-story adjoining building will house a new restaurant along with 3,500-4,000 square feet of meeting and banquet space.
“The MDC loan provides the final financial piece needed to redevelop this property,” stated David Roedel, Partner of Roedel Companies. “This is a significant project in Manchester that will lead to job creation and the revitalization of a once prominent property that has been underutilized for years. We appreciate MDC’s investment in this project and hope to partner with them again in the future.” Renovations for The Falls Center and La Quinta Inn and Suites began in October and the hotel is scheduled to open in late February.
MDC is a nonprofit economic development arm of the City of Manchester whose mission is to promote the growth and prosperity of the City by investing in economic development projects and activities within Manchester. “This is a perfect example of the type of development project MDC is looking to invest in and is at the core of our mission”, stated Newton Kershaw III, MDC Board President. “We are always looking to form strategic partnerships that will lead to further development and job creation in Manchester. We were excited for the opportunity to partner with the Roedel Companies and provide financial support to move this project forward.”
MDC is staffed by the Manchester Economic Development Office (MEDO). “The Falls Center and La Quinta Inn and Suites redevelopment project improves an important gateway onto the City while providing jobs, needed conference space and enhanced hotel accommodations” stated MEDO Director Jay Minkarah. “The MDC is a valuable economic development tool for the City and we encourage individuals or companies looking to invest in development projects in Manchester to contact our office.”
Past MDC investments have helped finance the rehabilitation of important downtown landmarks such as the Chase Block, Dunlap Building and McQuades Building, as well as the recent expansion of Benefit Strategies on Elm Street. MDC has also supported the City’s marketing efforts, the Revolving Loan Fund and several other important economic development, planning and infrastructure related initiatives.
For more information on the Manchester Development Corporation please contact Jay Minkarah, Manchester Economic Development Office, at (603) 624-6505. For information regarding Roedel Companies and the Falls Center project please visit http://roedelcompanies.com/ or http://www.whatsupatthefalls.com.