Board approves Pearl Street condominium conversion; two units deed-restricted as workforce housing

On April 7 the Laconia Planning Board unanimously approved a condominium conversion at 53-57 Pearl Street (PB2026-038) that will divide existing buildings into multiple condominium units and designate two of the new units as deed-restricted workforce housing to qualify for overlay incentives.

Attorney Ethan Wood represented owners Joanne and Gerald Morren and said the project would convert the owner's single-family house into two units and keep other existing units; the owners are not currently planning exterior changes. Under the Housing Redevelopment Overlay District (HOD) incentives, the applicants offered to deed two units as workforce housing; staff and the applicant said the deed restriction period proposed in the application is 25 years.

At public hearing a neighbor asked whether workforce-housing designation affects sale or rent prices; staff explained the restriction ties to the state's workforce-housing definitions and price or rent caps based on area median income (AMI) and that different caps apply for rental versus for-sale units. Staff also detailed a range of required conditions: revised condominium and site plans, condominium documents to be submitted for planning and assessing review and recorded at the Bellnap County Registry of Deeds, floor plans, delineated parking, fire and water department approvals, and a completion deadline. Staff noted that two workforce units are exempt from impact fees under section 235-22.2 of the zoning ordinance.

The board approved PB2026-038 with the staff-recommended conditions.