United Construction Corp, the developer and general contractor of the Flagstone Industrial Park off Rte. 103, was given the green light for construction by the town at the beginning of June. The town received a $500,000 community development block grant to upgrade 1,500 linear feet of town road running through the Flagstone Industrial Park with water, sewer and three phase power. Newport recently designated Flagstone as a Tax Increment Finance (TIF) district to assist with growth and future expansion. The town has also designated the Flagstone Industrial park as an economic revitalization zone (ERZ) in an effort to encourage job creation. The ERZ gives incentives to New Hampshire employers to take advantage of tax credits against business profit and business enterprise tax. The industrial park will add inventory to the Dartmouth - Lake Sunapee region of New Hampshire serving the needs of Grafton, Sullivan and Merrimack counties.
According to United Construction's vice president Tod Whipple, the planned 34 acres of industrial land will be used for machining, warehousing, manufacturing and distribution. All structures in the park will be available for sale or lease on a build-to-suit basis for each tenant. The multi-phase project could be built out within 10 years, eventually adding hundreds of full-time jobs to the area.
"Flagstone Industrial park offers compelling incentives for employers and tenants looking for industrial applications in central New Hampshire," said Whipple. "The industrial land is ready to go with flat topography and well draining soils. We're excited for a busy 2011."
United Construction plans to relocate its offices to the industrial park as an anchor tenant. The company's new facility will consist of 5,000 s/f of office space and eventually a 10,000 s/f mechanic and construction shop.