Development of 342 Main Street

Request for Proposals
For Development of 342 Main Street, Nashua NH 03060
RFP0742-071326
June 2026

Overview
The City of Nashua (the "City") is seeking Request for Proposals ("RFP") from Real Estate Developers to
purchase and develop 342 Main Street Nashua, NH 03060, Parcel ID 0009-00027, ("the property"). The
property consists of 0.229 Acres of vacant land with asphalt parking lot.
Currently, the property is zoned D3MU. The City considers this property to be in a premium location that
offers unique residential, mixed-use or commercial development opportunities because of its proximity to
Downtown Nashua.
Local Context and Market:
The property, located on Downtown Nashua's Main Street, a thriving restaurant scene, large recreational
amenities such as Mine Falls Park, the Historic Millyard and relatively new completed Broad Street
Parkway. The site is close to a new market-rate multi-family housing development on High Street, known
as High Street Flats, and a new Affordable housing project at 249 Main Street with 55 units. Property
value in the greater metro area has increased by almost 5% over the last three years.
In addition, the City has recently developed the Nashua River waterfront and the Performing Arts Center
all within a mile of said property. The City of Nashua also boasts five Business Districts comprising of
professional services, retail and high tech manufacturing industries. These employers attract a vast
majority of talents that live or work in the City. Nashua also has a public transit system that is easily
accessible across the City. In 2024, the City earned WalletHUB's designation of Best Place to Live
because of employment, dining, entertainment and educational opportunity.
The selected Developer will demonstrate its experience in maintaining the historical nature of similar
properties they have previously acquired and developed. The Developer should have familiarity with laws
and practices applicable to municipal real estate matters including relevant local land use and zoning.
The City is willing to work with a prospective Developer of the property to develop a mutually suitable
vision and proposal. The City, however, will closely look at submitted proposals and prioritize them
according to their potential to maintain the nature of Main Street, market demand and highest economic
benefit to the City.
Description of Property
Please see attached Assessing Property Record Card (Attachment A)
Neighborhood Characteristics
The neighborhood of the property is located in the southern area of the downtown district in the City
along Main Street, bounded by the Enterprise Rent-a-Car business to the north. The neighborhood is
defined by multi-family and mixed-use development and zoning is classified as a "D3MU", which allows
for flexible development and use programming. More importantly, the property is situated walking
distance from the downtown and the grocery store making it an attractive infill development site. The
property's neighborhood life cycle is in a stable stage.
Ownership
The property is currently owned in fee by the City. The property will be transferred by the City via a quit
claim deed to the prospective Developer.
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Land Tour and Briefing
It is strongly suggested that interested proposers have a representative present at a briefing session/site
visit on the date and time cited herein. Failure to attend the briefing will not be an excuse for not
submitting all of the required information.
Zoning and Permitting
The property is located in the D3MU, which allows for flexible development conditions. Further
information about applicable zoning requirements can be found at https://www.nashuanh.gov/296/Land-
Use-Code. Prospective Developers are responsible for examining all aspects of the property themselves,
including applicable federal, state, and local zoning regulations. Prospective Developers are responsible
for determining zoning permitted uses and restrictions affecting the property.
Available Utilities, Environmental and Subsurface Conditions
Prospective Developers are responsible for determining the adequacy and availability of utilities which
exist within or serve the property, subsurface conditions that exist on the property (including active and
inactive utilities whether documented or not), and environmental conditions or hazardous materials.
Title Information, Easements, Encumbrances, and Restrictions
The City of Nashua is the owner of the property, which it acquired through a tax collector's deed at Book
9051, Page 659 of the Hillsborough Country Registry of Deeds. Prospective Developers are responsible
for examining the title to the property at their own expense and prior to submitting a response.
Prospective Developers are responsible for determining the existence of any encumbrances affecting the
property.
Condition of the Property
The property is being sold in "as is where is" condition. It is the Selected Developer's responsibility to
identify, assess, and remediate any contamination as necessary for its proposed development project and
otherwise as required by applicable laws, ordinances, codes, orders, rules and regulations, and the
Selected Developer's will be required to indemnify and hold the City harmless, from and against any and
all environmental liabilities arising from its failure to perform such remediation and other environmental
matters.
Prospective Developers may do limited inspection and investigation of the property, to the extent it does
not cause material damage to the land/property. Any such inspection of the property shall be subject to
one (1) or more access agreements to be negotiated by the City and the potential Developer, which shall
contain provisions, among others, specifying the scope of permitted investigations, establishing
procedures for notice prior to entry upon the property, and providing for insurance and indemnification
requirements while also returning the structure back to its current state. Invasive testing of the property
shall be subject to City prior written consent, in its sole and absolute discretion.
If not conducted prior to the submittal of a proposal, the Prospective Developer, at the Developer's
expense, may complete an investigation of the property, including environmental investigation. Any site
investigation, including without limitation, environmental investigation, if conducted, must be completed
within the Due Diligence Period. The Selected Respondent shall waive its rights to conduct or complete
such investigation if it is not completed within the Due Diligence Period. If requested to do so in writing,
the Selected Respondent shall submit all investigatory test results and reports obtained to the City and/or
its consultants.
Representations
The City makes all of the above information available to prospective developers solely to facilitate
interested Developer's independent investigations, examinations, due diligence reviews and analyses of
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the property. The City makes no representation or warranty as to the accuracy, completeness, currency,
and/or correctness of any of the information contained in or furnished pursuant to this RFP.
Minimum Bid Price
There is no minimum bid price, but the City has had an appraisal completed on the property in 2026. The
City will consider other factors that provide value to the City, such as a development that clearly
demonstrates the ability to create a uniform approach across adjacent parcels in a manner that facilitates
an optimum value to the City. In that value determination, the City may also consider committed due
diligence funds for offsite issues.
A letter contained in the sealed envelope, outlining and committing to these facts, is required for alternate
consideration of value.
General Conditions
A. The City reserves the right to reject any and all proposals when, in its sole opinion, it is in the best
interest of the City to do so. The City also reserves the right to waive minor discrepancies, to permit a
Proposer to clarify such discrepancies, and to conduct interviews with all qualified Proposers in any
manner necessary to serve the best interests of the City. The City further reserves the right to
designate a Developer of Record based on written proposals received, without interviews, and to
reject any and all proposals if deemed in the City's best interest to do so.
B. The City assumes no liability for the payment of costs and expenses incurred by any party in responding
to this invitation for proposal. All proposals become the sole property of the City of Nashua. This
invitation for proposal is not a contract and alone shall not be interpreted as such but rather serves as
an instrument through which qualifications are solicited.
C. The City makes no representations or warranties, expressed or implied, as to the accuracy and/or
completeness of the information provided in this RFP.
D. Each Proposer shall be responsible for investigating the condition of the property and the City's title.
The Mayor, Board of Aldermen, and the City's employees, agents, representatives and contractors
make no warranty or representation whatsoever as to the condition of the property or its suitability for
any particular purpose, or the title thereto.
E. The Proposer should understand that under the New Hampshire Right-to-Know Law (RSA 91-A), all
documents submitted in response to this request, including financial information, are considered public
information and will be made available to the public upon request, unless specifically exempted under
the law.
Communications
All inquiries about this RFP, including requests for clarification or any additional information, must be
submitted in writing to the email address and contact as cited below.
No requests or questions will be accepted after the deadline as cited below. The Proposer must provide
the name, address, telephone number, and email address of the person to whom such additional
information should be sent.
Responses to questions shall be issued in writing as an Addendum(s) to this RFP. No oral
communications may be relied upon.
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Access to City Records
Proposers seeking a copy of the Nashua Zoning Ordinance may obtain it at the City of Nashua's official
municipal website at this link: https://www.nashuanh.gov/296/Land-Use-Code
Requests for specific information about the property should be directed in writing to the below email
address for questions not to individual City departments. The City does not attest or certify to the
accuracy of available data.
Project and Development Objectives
The property has been vacant for many years and is very visible as one enters the downtown. The City
views this parcel as a key welcoming opportunity to the downtown's economy critical for the region and
municipality's success. Specifically, the City views the property as a location for uses that support mixed-
use development and economic ripple effects toward expanding the economic vibrancy of the downtown.
Economic ripple effect should deliver new expenditures into the region from visitors outside the region.
As economic ripple impact is crucial, so is the ability to generate tax revenue from the highest and best
use of the site. Proposals which expand taxation opportunities are considered more favorable. Proposals
that incorporate the historic nature of the structure into their proposals will be looked upon more
favorably. Partnerships with the City, in this regard, are considered as supportive of this objective.
The proposals must be supported by a company that has proven experience to proceed to completion of a
viable project. Projects which create hightraffic tripgenerating retail, at peak periods, and does not
generate new visitors nor investment in the community, are not considered as positive for this site.
While the revenue associated with a sale of the Land is important, more important is the long term
viability of the site to support the local economy; therefore, the City favors proposals that meet the above
guidance and longterm economic benefits versus the highbidder proposal.
Acceptable Project Types
The City has a strong preference for development proposals that exceed the requirements below:
A) Development of the parcel, and, if possible, adjacent parcels, to form an economic gateway to the
City in a form and manner that meets zoning and the below objectives.
B) A Project that maximizes density and tax revenue.
C) Mixed-Use structures.
Development Objectives
The prevailing proposal must take into consideration the City's development objectives, which
include:
1. Maximize Development Potential
The Prospective Developer shall make all efforts to expand development beyond the subject
parcel by including neighboring properties to expand the favorable economic impacts of the
proposal to the greatest extent possible. Proposals which incorporate abutting parcels and have
agreements with those land owners for a complete development of the area, are more favorable.
2. Coordination with Public Properties
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The City will work with the proposer to facilitate access to adjoining parcels for any properties
that are within the public domain. Proposals that clearly articulate the requirements for additional
properties within the public domain, shall be considered more favorable.
3. Taxation Return to City
The City favors uses that provide the greatest return for real estate taxes. Proposals that maximize
the development potential as cited above and create a high value taxable project, while providing
additional taxation benefits, are more favorable.
4. Community Entrance Identity, i.e. "Gateway"
The City views the site as a key welcoming opportunity to the economy of the downtown, and
municipality as a whole. The location of the site as gateway to the downtown is a focal point,
which warrants a proposal that takes full advantage of this locational benefit. Proposals which
provide the highest economic benefit to meet this objective are more favorable.
5. Main Street Character
The City favors proposals that recognizes and attempts to maintain the nature/aspects of the site
on Main Street. Proposals that outline a vision where attempting to preserve the character
significant improved areas of the site will be looked upon more favorable.
6. Ripple Effect and Importing Dollars
Proposals that expand the economic capacity by delivering new visitors to the community, are
more favorable. Proposals that can show an economic ripple effect investment from outside the
City, are considered more favorable.
7. Mitigate Impacts
Proposals which demonstrate an effort to fit into the current built environment and do not
overburden the existing infrastructure that service the site including, but not limited to proposals
that do not substantially generate new traffic movements, predominantly within peak AM and PM
periods, are considered more favorable.
8. Complement & Enhance neighborhood Architecture
Proposals which complement or enhance the neighborhood architecture will be considered more
favorable.
9. Schedule
Proposals which demonstrate a development schedule which facilitates an expeditious
development and a history of on-schedule projects are considered more favorable. Consideration
shall be given to the scale and complexity of the development proposals, when compared to each
other, and the above criteria.
10. Financial Capacity
Proposals for uses that a Prospective Developer can demonstrate capacity to execute will be
viewed more favorable
Instructions to Proposers
Proposal Submission Requirements
Proposers must submit a complete proposal in order to be considered responsive to this RFP. Failure to
complete the enclosed forms, to answer any questions, or to provide the required documentation will be
deemed nonresponsive, and will result in rejection of the proposal, unless the City determines that such
failure constitutes a minor informality.
A complete proposal shall include all of the following documents and shall be organized in the following
manner:
a. Responses to this RFP shall be submitted on 8.5 inch by 11 inch sheets.
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b. If submitting a paper proposal, responses shall be bound. Tab dividers must match the
tab letter designations in the RFP, and should appear in the order given in the RFP.
c. Pages will use one inch minimum margins and font size shall be eleven points
(minimum).
d. There is no page limit, however it is noted that relevance and brevity shall be considered
during evaluation of the submittals.
e. Proposals submitted electronically via Bonfire are preferred. If you choose to submit a
paper response, then one hardcopie and an electronic copy on a USB device shall be
submitted.
Proposal Format
Cover Letter with the following tabbed exhibits:
If the development proposed is by a separate developer then attached to the cover letter shall be a letter from the
prospective developer indicating that there is an agreement in place to facilitate the use of the property in a larger
development proposal than the property itself.
Cover Letter Outlining Development Proposal: Stating project goals, approach to meeting
development objectives.
Tab A. Proposal Narrative/Overview
Tab B. Price Proposal (in a separate sealed envelope when submitting a paper submission) As
indicated above, the proposer may provide an alternate means for alternate valuation,
based on criteria above. In Tab B please reference the sealed envelope if not providing an
alternative proposal.
Tab C. Comparable Experience Statement Outlining past experience with similar projects.
Tab D. Proposer's Qualifications Statement
A summary of the Developer's organization and experience; resumes of principals; a list
of references for at least three recently completed projects; a financial statement; and a
disclosure of any liens, foreclosures, bankruptcies, or other actions that would interfere
with construction financing or delay the timely progress of the project.
Developers with prior experience acquiring and redeveloping municipally owned Land
must identify the project(s) and provide one or more references from the city or town
from which the Land was purchased. A written narrative should be provided to
demonstrate the ability to perform as proposed along with prior experience relevant to
the proposal. The resumes and relevant experience of the development team
members for similar projects should also be included.
Tab E. Technical Proposal
A conceptual site plan and building elevations of the Project proposed by the Developer,
including preliminary specifications, amenities and finishes, landscaping plans, and
parking plans, project amenities, and other planned improvements to the Land, sufficient
to clearly communicate the development proposal. The proposal should be sufficiently
detailed to enable the City to understand the Proposer's plan for the property. A narrative
should be included describing any proposed improvements that are not easily depicted on
drawings. Sufficient information should be presented on the volume and type of traffic
generated and any offsite improvements needed within public streets.
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The technical proposal shall account for the Proposal's Evaluation Criteria and all
applicable provisions of this RFP that apply to the Development Team and the
responsibilities of the Developer of Record.
The site plan may include parcels outside of the subject property. If additional properties
are intended to become part of the proposals, then a letter certifying that there is a valid
agreement between the land owner and proposer for the sale of the Land must be
included. For developments/improvements that are within the public domain, a letter to
the City requesting access to the Land must be included.
Tab F. Proposed Project Schedule & Project Budget including Sources and Uses of funds
The Proposer shall submit a Project Schedule that accounts for all major milestones for
the Project, e.g., execution of Disposition Agreement, financing, permitting, design,
closing, construction, marketing and sales, so that the Project shall be commenced and
completed, and the use occupied as soon as possible.
Tab G. A Financial Qualifications Statement
Which may include the following:
Balance Sheet or Personal Financial Statement for the company or principals.
Copy of 2017 and/or 2018 Tax Return
Copy of bank or brokerage statement for company or principals
Commitment letter or line of credit from a lender
Tab H. A Statement and Certification as to Payment of Taxes by Legal Entity Proposing To
Purchase Property
Expectation Proposed Owner/Developer upon Selection
Purchase and Sale Agreement
Not later than ninety (90) days from the date that the selected Proposer receives notice from the City that
the proposal has been accepted, the Proposer must execute a Purchase and Sale with the City. At the time
the Purchase and Sale Agreement is executed, an additional deposit of ten percent (10%) of the purchase
price, in the form of a certified check or money order, shall be payable to the City.
The Purchase and Sale Agreement shall incorporate, at minimum, the terms and conditions cited in the
document provided and any items negotiated by the successful Proposer and the City's designated
representative, provided such negotiated items are not inconsistent with this RFP. If the parties fail to
execute a Purchase and Sale Agreement within sixty (60) days of notice of award, the City may select the
next most beneficial offer. However, for good cause and when it is in the City's best interests to do so, the
60day period for executing the Purchase and Sale Agreement may be extended, subject to written
approval by the City. Closing shall occur within thirty (30) days of receipt of all permits, including the
expiration of any associated appeal periods. However, the closing shall not occur unless and until the
Proposer has obtained suitable financing, in an amount and form adequate, in the City's judgment, to
complete the Project.
Proposal Evaluation Process & Review Criteria
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All proposals received by the deadline will be considered in accordance with this RFP and City
purchasing ordinances and policies by the City. Only those proposals which satisfy the minimum criteria
will be reviewed and ranked under the "Competitive Evaluation Criteria" below.
Final designation of the Prospective Developer of Record will be made by the City, considering the
criteria set forth below. Interviews with Proposers meeting the minimum evaluation criteria (or some
subset of such Proposers selected by the Mayor and/or the Disposition Committee) may be conducted at
the discretion of the City, and the City reserves the right to retain any consultants to assist with reviewing
the proposals.
Following the proposal review process, interviews and reference checks and receipt of any additional
information requested of the Proposers, the City will identify the most beneficial proposal from submitted
proposals. The City will notify all Proposers in writing of the decision.
Minimum Criteria for Responsible and Responsive Proposals
Proposals must meet the following minimum criteria to be considered responsible and responsive to this
RFP:
The Proposal must be complete and conform to all submission requirements set forth in this RFP and any
Addendum to this RFP issued before the submission deadline. Failure to provide the requested
information in the proposal will result in the determination that the proposal does not meet the minimum
criteria.
Competitive Evaluation Criteria
Proposals meeting the minimum criteria for submission will be judged on the following competitive
evaluation criteria:
A. Concurrence with Development Objectives
1. Highly Acceptable: A proposal that in the judgment of the evaluators meets and exceeds all of the
development objectives, as cited and provides specific verifiable information that demonstrates a
consistency with those objectives in a manner that is supported by the proposed use and detailed
supporting documentation.
2. Acceptable Rating: A proposal that in the judgment of the evaluators meets the majority of the
development objectives as cited and provides information that demonstrates a consistency with those
objectives in a manner that is supported by the proposed use and supporting documentation.
3. Unacceptable Rating: A proposal that in the judgment of the evaluators does not meet the majority of
the development objectives as cited and lacks information that demonstrates a consistency with those
objectives in a manner that is supported by the proposed use.
B. Proposer's Experience and Competency
1. Highly Acceptable: A proposal that identifies a Project Team with five (5) years or more experience
in development consistent with the nature of the proposed Project, and, capable of completing the Project
successfully and expeditiously, as demonstrated by the Proposer's track record in developing several
highquality developments, including but not limited to, properties of similar scope and size; possess the
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necessary licenses and qualifications to perform the work; highly favorable references for the Proposer
and all members of the Project Team; and established working relationships between the Proposer and
other members of the Project Team.
2. Acceptable Rating: A proposal that identifies a Project Team capable of completing the Project
successfully and in a timely manner, as evidenced by the Proposer's previous experience and strength of
the Proposer's references; demonstrates successful experience new construction for projects of a similar
scope and size; and evidence of working relationships between the Proposer and other members of the
Project Team.
3. Unacceptable Rating: A proposal with insufficient evidence of a Project Team with capacity to
complete the Project successfully and in a timely manner, in the opinion of the evaluators; no experience
with similar projects; or a proposal that does not include enough information for the evaluators to make a
rating decision.
C. Financial Capacity
1. Highly Acceptable: A proposal that in the judgment of the evaluators identifies a Project Team with
exceptional financial capacity to undertake the Project, proven by prior experience financing real estate
development, including securing any necessary interim financing, ability to provide equity contribution,
and ability to secure financing as evidenced by letter(s) from prospective lender(s) and other supporting
material and provides a financial Pro forma outlining the total development costs, cash flow, sources of
financing in sufficient detail to demonstrate the feasibility of the proposal.
2. Acceptable Rating: A proposal that in the judgment of the evaluators identifies a Project Team with
reasonable financial capacity to undertake the Project.
3. Unacceptable Rating: A proposal that in the judgment of the evaluators fails to identify a Project Team
with reasonable financial capacity to undertake the Project; or a proposal that does not include enough
information for the evaluators to make a rating decision.
D. Proposed Development Schedule
1. Highly Acceptable: A proposal that in the judgment of the evaluators identifies a Project Team with
very detailed, short and achievable development schedule identifying all milestones, including but not
limited to, predevelopment assessment, permitting, construction phase, and final completion of the
Project in 2 years or less from the date
of award.
2. Acceptable Rating: A proposal that in the judgment of the evaluators identifies a Project Team with
reasonably achievable development schedule and includes all of the major milestones such that the
Project is completed within 3 years from the date of award.
3. Unacceptable Rating: A proposal that in the judgment of the evaluators fails to identify a Project
Team with a reasonable understanding of the various key milestones from start to finish; a Project
Schedule that is in excess of 3 years from date of award or an impractical development schedule.
E. Proposed Price/Tax Revenue Generation
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