More of Prince Street Up for Grabs?

More properties on could become available in the near future, potentially expanding the city hall campus sometime in the next decade.

Next month, the will consider a plan for the city to enter into a long-term agreement with the Concord Housing Development Corporation to acquire 16 and 18 Prince St., the homes which sit just west of the recently acquired 10 Prince St., the property which was recently saved from demolition to construct a new municipal building.

The plan, according to Matt Walsh, the assistant for special projects, is to have the CHDC purchase 16 and 18 Prince St. property from the private owners who have expressed interested in selling the properties. The CHDC could also lease 10 Prince St. from the city for 10 years. At some point in the future, the city could later acquire 16 and 18 Prince St. from the CHDC.

Walsh said it would be easier and probably less expensive to acquire the properties now than in the future.

"I do think it's a good idea, at this point," he said. "Obviously, there is going to be a need to expand the campus in the not-too-distant future. The more real estate that we secure to allow that to happen will make it more easier when that day comes."

After a non-public meeting to discuss the matter in April though, city councilors felt it was not a good time to acquire more property even if the parcels were at a good price.

The CHDC though has a number of uses for the houses, with a few upgrades, including as rental properties. Under the proposal, the CHDC would lease 10 Prince St. for $1 annually but would pay the previous property taxes on the home, about $4,600. The corporation could renovate the home to provide one residential housing unit. It would be responsible for all maintenance and upkeep of the building. The CHDC will also attempt to acquire the two other homes with the city assisting a right of first refusal option. The corporation would hold the properties for 10 years and give the city the right – but not the obligation – to acquire one or both of the properties.

This would give the city ample amount of time to consider future space needs and how and when, the city hall campus gets expanded. An expanded Concord Public Library might also fit into the mix, Walsh noted.

“They will keep using them as residential units,” Walsh said. “Basically, it is allowing us not to use our capital and to have to manage the properties. The trade-off is, if we bought them now, you’d probably have a lower price than in seven or eight years from now, presuming the market ever recovers.”

Walsh said he was also looking for rental space for the Human Services  Department and the prosecutor’s office temporarily, until the space issues could be resolved.