City sells three waterfront parcels for development's first phase

posted on 6/5/2024

In another milestone in the long-planned Waterfront Development Project, the City of Dover sold three waterfront parcels to the developer, Cathartes, on Friday, May 31, for $1,316,751.58, as part of the first phase of the site's development.

The parcels are Lot 1-4, Lot 1-5, and Lot 1-6 and encompass more than five acres of 29-acre site. These parcels include the property within the River Street loop road and one parcel on the other side of River Street that borders Seaport Way, noted on the plans as buildings C, D and E.

The sale allows Cathartes to begin constructing its buildings, working alongside the city's contractor making the public improvements to the site. The city is responsible for creating streets, installing utilities, getting sites ready for development, and making the public park.

The private development plan includes constructing three mixed-use buildings, two multi-family buildings, and three clusters of townhouses. The Planning Board approved Cathartes' site plans in June 2022, which include mixed-use developments with approximately 26,000 square feet of commercial space and 418 residential units.

The money from the land sale will be used to pay the bond payment of the Waterfront Tax Increment Financing District (TIF), along with increased valuations from the private development improvements. The bond is funding the public improvements to the site, including roads, utilities and the public park.

Sale process began in 2017

Selling the city's waterfront property is decades in the making, with many steps along the way to make the sale possible, such as relocating the wastewater treatment plant from the site to Middle Road.

The sale of land last week began in September 2017 when the Cochechco Waterfront Development Advisory Committee (CDWAC) sought to identify developers qualified to construct a mixed-use development at the waterfront. The committee then sent a request for proposals to the six qualified developers in March 2018, receiving two responses. After CWDAC held a public interview process, the committee voted in June 2018 to designate Cathartes as the preferred private developer of the project.

After an initial agreement, the City Council authorized the City Manager to negotiate a Land Disposition and Development Agreement with Cathartes, spelling out plan details and sale of properties, which was signed on Sept. 30, 2019. Since then, four amendments were made to the agreement, including extending deadlines after the COVID-19 pandemic began.

The sale of the property is recorded in the Strafford County's Registry of Deeds in Book 5188, Page 21.

Find more information about the Waterfront Project on the city's dedicated webpage, available here.