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Sears Block / Capital Commons Project
The Capital Commons Project was a public-private partnership between the City and Capital Commons LLC, to redevelop the former Sears Block site in downtown Concord. This 1.87-acre site was named for the former Sears Department Store which vacated the property in 1991.  The property once featured a 65,000 square foot building which had been partially demolished and was in blighted condition. After a series of interim uses failed at the site, the City acquired the property in 2002, through a foreclosure arranged with a creditor who had unpaid loans on the property. Shortly thereafter, the City completed environmental cleanup and demolition of structures at the site.

In 2003, the City entered into a public-private partnership with Capital Commons LLC, of Portsmouth, NH, to redevelop the site. Specifically, the Developer constructed a new $15 million, six-story, 102,000 square foot, mixed-use building. To support redevelopment efforts, the City constructed following improvements: 

                    • A 177,000 square foot, 516 space public parking garage; 
                    • Two public plazas; 
                    • Reconstructed portions of South Main and Storrs Streets; and 
                    • Numerous utility improvements;

The City’s total investment was approximately $16.4 million. Funding sources included: 

    • $482,000 grant from the US Department of Housing and Urban Development; 
    • $12.44 Million in General Obligation Bonds supported by a Tax Increment Finance District, parking revenues, and the City’s General Fund; and,
    • $3.48 Million in cash from various City reserve funds.

The City also incentivized the project by waiving development impact fees and providing land for the new mixed-use building at no cost to the developer. The project was completed in 2007.

The Capital Commons development is home to Red River Theatres (a three-screen independent movie theatre), O’s Steak & Seafood (a 10,000 square foot restaurant with private dinner club), as well as numerous office tenants, including financial institutions and law firms.

In addition to supporting redevelopment of the Sears Block, the City’s investment also furthered additional redevelopment on South Main Street, including the SMILE and Bindery Redevelopment Projects.

View the City's photo gallery of these and other projects.

Contact Us
Matt Walsh 
Director of Redevelopment, Downtown Services, & Special Projects 
Email
41 Green St.
Concord, NH 03301

Ph: 603-225-8570
Fx: 603-225-8558

Hours:
Monday - Friday
8 a.m. - 5 p.m.