Author: Nik Beimler
The 200,000-square-foot mixed use development at the site of the former McIntosh College in Dover is nearing a milestone — the completion of Phase I of the project.
The development, called Silver Square, is located at 181 Silver St., next to the new roundabout at the intersection of Silver Street, Route 155, Silver Street Extension and the Spaulding Turnpike on-ramp.
Jim Vitas, managing member at VMD Companies, the developer of the project, says the first phase of the two-phase project will be finished this spring.
The main development of Phase I is a two-story, 66-room hotel, which was recently traded to Outlook Capital. Construction on that project began in the middle of December, and Vitas said the hotel will likely open this spring.
“The existing hotel will be retrofitted to accommodate the new Ascend Hotel Collection,” Vitas said. The hotel will be designed in a boutique concept.
Additionally, Phase I includes a Dunkin’ Donuts, which is also projected for a spring opening, and an assisted living facility that Vitas said is progressing well for an opening in the third quarter of 2017.
Phase II of the project will include a 66,000-square-foot medical office and bank branch. VMD will start leasing Phase II in spring of 2017.
“All necessary site work has been completed,” Vitas said. “The project is ready for vertical work.”
All told, Silver Square represents a development project of more than $50 million.
VMD Companies is based in North Andover, Mass., and has worked on projects all over the East Coast. It has been in talks with the city to develop the site since early 2015.
“The project has been unique and a true collaboration,” Vitas said. “The city, the state, the abutters, the sub-consultants, all brought this project to fruition. It would not have been possible without their involvement.”
Site work for Silver Square began in early July.
The Silver Square site used to house the McIntosh College culinary school. The college closed its doors in 2009.
Recently, Great Bay Services moved into 23 Cataract Ave., another former McIntosh College property, after spending years in Newington. That property has been renamed McIntosh Commons. Great Bay Services provides support to people with developmental disabilities and their families.