Banks are still skittish, to say the least. For that reason many of the projects are being privately financed or getting incremental infusions from banks as the project goes along. Slattery sees far more renovation of existing buildings to fit individual clients' needs because, among other reasons, empty parcels are scarce. Fratello's Restaurant developers, for instance, took a huge risk when they renovated about 85,000 square feet of a shoe manufacturing building in the Manchester's millyard, but the risk paid off, Slattery said, as most of the space has been sold. Ron Boufford of Global Commercial Corp. said he wishes there were more spec buildings in the works.
Space is so tight that the millyard is nearly full now.
Not long ago, there were a million square feet. Today there's almost nothing. Perhaps that is why Richard Danais is not biting his fingernails, hoping his spec building on Holt Avenue will fly. Activity has been very, very good. Danais said private investors had to put up 25 percent equity before the Bank of New Hampshire would participate, and then the bank is funding the project in stages.