EXETER — A tennis club in 2009, a fashion warehouse in 2017, and an international footwear facility in 2022. Those were just three of four projects proposed for the 20-acre site on 19 Continental Drive, none of which came to fruition.
Parcels of land along Epping Road, located just off Route 101, have been highly sought after ever since Exeter adopted a tax increment financing district for the corridor in 2015 to spur growth by installing water and sewer infrastructure. Since then, the area has seen a development boom, both large and small, with the likes of Sawbelly Brewing, manufacturers like Gourmet Gift Basket and a new 224-unit residential complex called the Gateway of Exeter.
But after a number of years, three different owners, and four potential projects, 19 Continental Drive remains undeveloped.
The property was placed back on the market in April. The “hot potato,” — as described by Darren Winham, Exeter’s economic development director — is not undevelopable.
“It’s just bad luck and bad timing,” said Winham, referring to previous projects. “But I’m very confident the right project will come along.”
The plot is currently listed for $1.89 million and, according to Winham, is strategically located in a business park with access to water, sewer and natural gas. The listing states the property is “shovel ready” with all local approvals and state permits in place, to construct up to 95,000 square feet of industrial space. The ad highlights the property has easy access to Route 101 and Interstate 95, and is a 30-minute drive to the Manchester airport.
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Developer Tom Monahan purchased approximately 100 acres of vacant land on the Epping Road corridor for $1 million in 2004, which included 19 Continental Drive. He purchased the property from the Regional Economic Development Center. Laurel Adams, president of that nonprofit, said the 100 acres, along with 250 more, then known as Garrison Glen, was donated to the organization by the Bank of Boston in 1997.
Monahan said the donation was a win-win situation for the bank and the nonprofit which provides alternative financing to small businesses.
“The Bank of Boston financed it for a group, and they foreclosed on it,” said Monahan. “Banks get special credit for when they donate land, it’s called the Community Reinvestment Act – they get the benefit of that.”
Monahan is behind the $80 million Gateway of Exeter project off Epping Road, which includes two buildings with residential units and a 50,000-square-foot commercial building.
Monahan said he never planned to develop the entire 130 acres he bought. Instead, he divided the property and sold off two parcels, with 19 Continental Drive being one of them in 2009.
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According to public records, Monahan sold 19 Continental Drive to Holding Court LLC – a company owned by author Joe Hill, the son of Stephen King – in 2009 for $400,000.
“We had a group that got it (19 Continental Drive) approved for a tennis center,” Monahan explained. “I just thought it would be a wonderful asset … it would be a value added to the other 80-or-so acres that I own.”
Plans at the time called for a 64,000-square-foot building, four indoor tennis courts, a basketball court, a therapy pool and an outdoor tennis court. However, the project never came to be. Efforts to contact Hill were unsuccessful.
In 2016, Ian Smith and his wife, Laurie, of Exeter Swim and Racquet Club, were planning to purchase the land to build “a boutique private club, combining swim, tennis and social amenities in a casual atmosphere.”
The similarity, according to Smith, between his plan and Holding Court LLC for the property was pure coincidence.
“We had already been well underway with our project,” said Smith. “It was just ironic that the property was on the market and already had a business case for a tennis club. We didn’t take any of their plans – it was a different design and a different concept.”
According to Smith’s plan, amenities for the club included heated swimming pools, five tennis courts, a 1,400-square-foot fitness room and a restaurant. The proposed club was to “provide a tight-knit community environment for families, couples, and individuals to enjoy year-round recreational activities, casual dining, and more.”
However, the purchase fell through after the financier died in a plane crash.
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