The developer of a new apartment building under construction at the site of the former Athens Restaurant in Manchester has his sights on another underutilized property downtown.
In a news release, Avatar Construction of Watertown, Mass., announced plans for a project called Grand Maison, a six-story, 223-unit apartment complex and retail space located at 533 Elm St. The property is the former home of Michael’s School of Hair Design, which has been vacant since 2004.
The property is on the market for $3.15 million, according to a listing by Colliers.
Developer Nazar Vincent refused to comment on the plans Wednesday afternoon.
The property near SNHU Arena is in a city opportunity zone and may qualify for tax credits, according to the listing. The listing includes concept plans for 92 units.
Broker Dan Scanlon said the plans still need to go before both the Zoning Board of Adjustment and Planning Board.
“We are under agreement with him,” he said.
The complex also will feature two first-floor retail spaces, a fitness center, a pool and a rooftop deck.
“This complex will offer features and amenities that are not currently available at other residential buildings in the area,” Vincent said in a statement.
Grand Maison will be the second in Vincent’s “Grand Collection” with Grand Central Suites now under construction on Central Street at the old spots of Athens Greek Restaurant and Central Ale House.
Part of the reason for the early announcement is to drum up investors, according to the release.
Hundreds of new apartment units are expected to come online in the next few years by different developers, including 250 units expected to open this summer on Depot and West Auburn street near Market Basket. That project is called 75 Canal.
