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Rendering of 166-unit apartment complex approved to be constructed on Market Street in downtown Concord. 

City leaders gave the nod to move forward with constructing a six-story apartment complex on Market Street in downtown Concord.

At Thursday’s council meeting, the board approved construction of the nearly $50 million structure that will include 166 units and a 168-space parking deck.

“When it’s all said and done, you are probably looking at 190 to 200 people that will be living in downtown,” said Steve Osborne, the city of Concord Planning and Neighborhood Development Director. The economic impact just in downtown is huge, just from having that many residents living in downtown.”

Osborne said the city will talk about plans with the developer in the coming weeks, but there is no word on when construction will start or be completed.

“Everything is now officially approved so the developer will really go into full design mode and work toward construction,” Osborne said.

The project will include 2,600 square feet of commercial space as well as 17 affordable housing units.

“One of the priorities the city has is to continue enhancing our affordable housing program,” Concord City Manager Lloyd Payne said. “We will be able to allow folks to go in here that don’t earn maybe as much. That’s a huge win for us.”

Osborne added that the addition of the apartment complex rejuvenates Market Street, which was a priority for city leaders.

The 2,600 square feet of commercial space could be filled by offices, restaurants, retail shops or coffee shops.

“It will start to energize Market Street which is one of the priorities of the city,” Osborne said. “Just the sheer size and investment by itself is so significant because it will be the largest private investment within downtown Concord.”

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