Welch Co., a locally based developer, is starting construction on three new buildings totaling approximately 75,000 sf of residential, retail and office space at an estimated cost of between $15 and $20 million.

After completing demolition of five buildings it currently owns along the Harbor, Welch project manager Stephen Warner tells Globest.com that construction will be done in two phases. Phase I will comprise 24 one-, two- and three-bedroom condominium units that will be built over retail space as well as a two-screen movie theater to be leased by Cinegraph Inc. The two buildings constructed in phase I will total 60,000 sf of space.

Warner says that he hopes to have Phase I completed by Christmas of 2002. Phase II construction is expected to wrap up in September 2003 and will include the third building, a 12,000 to 15,000-sf mixed-use office and retail space. Warner tells Globest.com that until all current tenants have been moved the company will not actively market any new space.