With 153 apartments, a gym, common spaces, a hairdresser and a brewery, Stevens Mills in Franklin is akin to a college campus to Elizabeth Stewart, the property manager. 

The shuttered mills off Central Street downtown are now transformed into a mixed-use mecca of residential, commercial and green space for Franklin residents, after a renovation by Chinburg Properties. 

To Stewart, it brings a full slate of amenities with clean, new apartments along the banks of the Winnipesaukee River. Sites like these are the heart of new housing given the current market. 

Stewart would know, after leaving residential real estate to become the site manager last fall. 

“The future is renting, the future is rentals. There are fewer and fewer single-family homes for sale and prices keep going up and up and up. Interest rates aren't going anywhere,” she said. “A lot more people are renting now.”

Stevens Mills opened its doors to their first wave of residents in February and construction on the final building finished this week. All apartments – which are a mix of studios, one bedroom and two bedrooms – are leased, as well. 

Rent begins at $1,295 for a 290-square-foot studio and goes up to $2,895 for a two-bedroom, two-bathroom apartment just under 1,200 square feet. 

All utilities aside from electricity are included. Tenants also have access to the gym, the ability to rent common spaces and store bikes for free. Storage lockers are available, and pets are allowed with additional monthly fees. 

In keeping historical aspects of the mill buildings – from original staircases to high ceilings, painted white to reflect sunlight – each apartment is unique, said Stewart. Some feature built-in fireplaces and patios, others are two stories or have a loft.

The converted mill apartment building falls in line with Chinburg Property’s work throughout New Hampshire, Maine and Massachusetts with over a dozen old structures converted into mixed-use residential and commercial properties.

Eric Chinburg, the founder and principal of Chinburg Property, purchased the Stevens Mill site for $1.2 million in 2017, according to city documents. The project received $25.4 million in construction financing, with federal and state funding and tax credits helping ease the cost of the $33.8 million development.

The state’s Invest NH program, created with federal American Rescue Plan Act money, contributed $3 million to the project. Out of the 153 units, 31 will be income-restricted, meaning residents must make 80 percent or less of the area median income – which is $92,100 for a family of four in Merrimack County.

For Stewart, providing affordable units is an important aspect of the project.

When she first started in real estate she worked with first-time veteran homebuyers – she served herself in New Hampshire National Guard for three years prior.

Now, homeownership is unattainable for many of these new residents, and instead, they’re turning to renting.

“They’re all priced out, they can’t buy anymore,” she said.

That is evident in the breakdown of tenants at Stevens Mills. Stewart has seen an even split of young, working professionals who may have bought a starter home in prior years and retirees looking to downsize.

Many of the residents in the building are also new to the area, she said.

Since Chinburg purchased the property several years ago, city leaders have talked about Stevens Mill as a key aspect of Franklin’s economic revitalization. With the housing positioned downtown, Stewart sees residents bring foot traffic to Central Street, taking advantage of restaurants and breweries – like Kettlehead’s new taproom on site – that are in walking distance.

In restoring the space, community members have also come through the building, telling stories of what it once was. Parents, grandparents and other relatives worked in the mills, they’ll tell Stewart. For years, these old mills were a shell of what they once were – sitting empty in plain sight. Now, there’s life to them again.

“This building has had a ton of purposes over the years so it’s been really fun,” she said. “It’s hiding in downtown Franklin and you wouldn’t  even know it is here.”