An outdoor patio with scenic views of the Contoocook River, where diners can sip on beer and enjoy a meal, is part of the plans for a building that sits in the center of Contoocook Village.
The structure at 16 Cedar St. in the village, which formerly housed the Covered Bridge Restaurant, was purchased by Brian Cressy, a Hopkinton native and real estate developer, in 2016. He has since remodeled the building and is now seeking a tax exemption from the town.
For Cressy, who has fixed up many old buildings, this particular revamp is more than just a financial venture; it’s a passion project.
“It’s been a dream to turn this into a nice tavern on the river,” said Cressy. “It’s really a community project.”
With a yet-to-be-named tavern in a riverside setting, Cressy hopes to attract visitors from outside the area, encouraging them to explore and support the local retail shops and businesses in town.
According to an application filed with the town, the first floor of the building will feature a 3,000-square-foot tavern, along with a 1,000-square-foot patio. Together, the spaces will accommodate up to 165 patrons. The second floor will be converted into office space, including a bathroom and storage.
Before the Covered Bridge Restaurant closed, the first floor operated as a restaurant, while the second floor housed two apartments.
A public hearing is scheduled for Tuesday at 6:30 p.m. at the Hopkinton Town Hall, 33 Main St., to gather community input on granting a Community Revitalization Tax Relief Incentive for the project.
To qualify for this tax relief, the project must either restore a historical structure, increase housing in a town or urban center, boost the local economy, or improve safety and efficiency.
Cressy described the tax relief incentive as a valuable benefit not just for the village, but also for property owners like himself who are looking to invest in their buildings.
“It is a great opportunity to lock in that value for a period to allow me to get the cash flow on the restaurant going and recoup a little money from the construction before I start paying the full value of taxes,” said Cressy. “The value will definitely be going up significantly once the project is done.”
Sruthi Gopalakrishnan can be reached at sgopalakrishnan@cmonitor.com
