New condos now available from $889K to $1.25M

EXETER — The recent installation of new “IOKA” lettering on the iconic city centre landmark marked a significant milestone in the project to transform the century-old Ioka Theatre building into a mixed-use development with shops and apartments.

Joe Stagnone, communications manager for the project, said construction is “90 to 95 percent complete.” He said workers are putting the finishing touches on both the exterior and interior of the building at 55 Water St. and expect it to be completely finished within the next few months.

The eight new apartments on the second and third floors are currently for sale through Ruffner Real Estate, with prices ranging from $889,000 to $1,250,000. The commercial space is also available for lease for $3,285 per month, also for sale through Ruffner Real Estate.

Florence Ruffner of Ruffner Real Estate said there has been “a lot of interest” in the apartment complexes and noted that Exeter is “a very desirable place to live.”

What sets these units apart from others? Ruffner said it’s the combination of location, build quality and uniqueness, all of which justify the price tag.

“Living in the centre of Exeter is a privilege,” she said. “There is nothing else like it in the city.”

Developers David Cowie and Jay Caswell purchased the former theater in 2020 for $450,000 with the idea of transforming the space.

When completed, the new Ioka will feature a speakeasy-style restaurant in the basement, three retail spaces on the ground floor and eight apartments on the second and third floors.

Stagnone said construction got off to a slow start in 2021 due to the building’s location in the historic district, which came with numerous rules and regulations, including a 64-by-86-inch doorway as the only entrance.

Cowie had previously compared the project to ‘building a ship in a bottle’.

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IOKA letters return to historic building

Stagnone said last week that they were putting the finishing touches on the exterior of the building.

“Someone said to me the other day, ‘We’ve been here so many times, and we haven’t seen any major changes (to the exterior) over the years,’” he said. “That’s exactly what should happen… It’s actually a compliment that they don’t even recognize the five new windows, because it’s such a seamless process.”

The most significant change to the building’s facade was the installation of windows and the removal of the famous theater canopy, now on display at the American Sign Museum in Cincinnati, Ohio.

In addition to the new IOKA lettering, three metal awning hangers have been installed on the front of the building. The sandstone “Meyer Building” marker, originally in the center of the building, has also been relocated to make room for new condo windows.

“The building, what it is now, is a difference between night and day,” Stagnone added. “But it still retains all of its character.”

Ioka Theater converted into shops and apartments

While the facade of the 115-year-old building remains largely unchanged, Stagnone said the interior has not.

The space within the building has been stripped back and transformed, with an emphasis on contemporary designs such as floor-to-ceiling windows for natural light, while the original brick walls have been retained to maintain the raw and rustic feel.

On the second and third floors, Stagnone said, workers are slowly finishing the eight apartments, leaving room for new unit owners to customize them to their liking. Based on the showroom, each of the two-bedroom, two-bathroom units will feature amenities such as a kitchen island and a walk-in closet. Four units in the back of the building will also have balconies overlooking the Exeter River.

Stagnone said the only unfinished space is the basement, which is planned for the speakeasy-style restaurant. Rent for the space, also listed by Ruffner Real Estate, is $11,500 a month.

“We’re working from the top down,” he explained. “That’s going to be the most customized space in the building. … We want to make sure it’s built exactly to the client’s specifications.”

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Former Travel & Nature building also gets facelift

Cowie, who co-owns the Ioka, also owns the building next door at 45 Water St., which used to be home to the Travel and Nature store. The two-story, 35,000-square-foot building is also being converted into a mixed-use space with two residential units above and a retail space at street level.

Stagnone said Cowie bought 45 Water St. because it’s a “key” part of Ioka’s renovation into a mixed-use building. The alley will be the main entrance to both the public patio/terrace in the back of the 45 Water St. building and the speakeasy-style restaurant in Ioka’s basement.

Stagnone said the project is also nearing completion.

One of the building’s two retail spaces is occupied by Barbour by New England Mercantile. Owner Kyle Eldridge, owner of New England Mercantile and New England Mercantile Home in Exeter, has partnered with English clothing brand Barbour for his third store.

Stagnone expects both upstairs units to hit the market soon.

Barbour: Iconic British clothing brand finds new home in Exeter city centre

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New condos now available from $889K to $1.25M

IOKA letters return to historic building

Ioka Theater converted into shops and apartments

Former Travel & Nature building also gets facelift

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