SILVER SQUARE, DOVER, NH
VMD acquired the former Macintosh College located off of Route 16 in New Hampshire’s Seacoast, an area widely considered the state’s economic hub. The college had in excess of 19 acres of underlying real estate which VMD utilized to reposition into a 200,000 sq ft mixed-use community.
VMD partnered with the city of Dover in a joint venture effort in order to complete the installation of a brand-new roundabout off the Spaulding Turnpike. This effort required multiple state and local governing bodies to work in unison. The entitlement process, which required Federal, State and City approvals, took in excess of two years for VMD to complete. The project was ultimately awarded development of the year in 2016 by multiple publications.
The city’s market fundamentals are what drove VMD’s bullish acquisition of the asset. Through VMD’s successful leasing efforts, multiple tenants were secured leading to Phase 1 of the project being 100% leased prior to taking fee simple interest in the asset. The property is currently home to The Garrison Hotel, The Residence at Silver Square assisted living facility, and a Dunkin Donuts.