Developer

Rusty McLear

The sale for more than $25 million of his Inns at Mills Falls properties, ‘allows me to do projects more for the interest, fun and excitement of doing something, rather than for making money,’ says Rusty McLear. (Photo by Allegra Boverman)

At age 74, and two years after he and his partners sold four hotels and other properties along Lake Winnipesaukee in Meredith for more than $25 million, developer Rusty McLear is busier than ever.

McLear, who famously created the Inns at Mills Falls, a tourist mecca in a town once known for an asbestos mill, serves on public boards overseeing significant issues, maintains some of the largest private business interests in the state and even recently produced a nine-unit condominium project as part of the Colonial Theatre refurbishment in downtown Laconia.

Q. Since the sale of the Meredith properties, have things slowed down for you?

A. I’m very busy, because for 36 years I had 200 employees, and I had a lot of really good people and when I would say, “Let’s get this done,” it usually meant “Would you get this done?” Now there are only four of us in the office, and one of us has to do it. That’s one of the really different things, but the other people are good at what they do. We have a lot of fun and the stress level is actually quite low. They know a lot of stuff and they really make my life easier and more productive. I’m pretty bad at computers and technology.

Q. What business interests do you maintain?

A. I work with Alex Ray and Brad Pernaw on the Hooksett Welcome Centers. I kept those, and that’s a pretty big business and a very good business, too, though the pandemic has been difficult. Brad is a younger man. He has an MBA from UNH and is really good at what he does. He takes care of a lot of things that me and Alex used to do, and frankly is better at it now at this point in our lives.

People seem to like what we present there, so we decided to partner with Irving Oil to build smaller versions of those: one on Tenney Mountain Highway, one on South Willow Street in Manchester. We’re going to be opening up one in Portsmouth, two in Concord and another in Manchester. We joke that we want to build 50. I’m not sure Alex and I are going to be around for that, but it’s good for Brad to have that goal.

Q. You’ve also been involved in the residential portion of the Colonial Theatre refurbishment in downtown Laconia. Can you describe your efforts there?

A. They were a little short and couldn’t get the condos done. I kind of got talked into it by Chris Kelly (owner/broker of RE/MAX Bayside and a member of the Belknap Economic Development Council board of directors). It’s nine condos and 15,000 square feet. Frankly, the place was a pit. We’ve spiffed it up, and the city has done a phenomenal job with the theater itself. That put pressure on me to do a good job with the units, and they turned out to be really nice. Out of the nine units, five have already sold. I expected not to do well on this. I expected to lose money. Now it looks like we’ll lose a lot less than we thought we would.

Q. Speaking of your Meredith properties, you said at the time of the sale that they were appraised at $25 million and that the deal was for significantly more than that. Can you be any more specific now?

A. It went for about $7 million more than expected. There were seven interested companies and four offers. The sale has given me the opportunity to be able to do things, like helping to plan for Gunstock Mountain Resort, the State School, things like the Colonial. It allows me to do projects more for the interest, fun and excitement of doing something, rather than for making money. At the end of the day, they still have to succeed. At some point in time, they are going to run and pay for themselves.

Q. With your resources, you really could retire and don’t have to work so hard. Have you ever considered that?

A. I will be 75 in two weeks. I have seen other people who have just gone to play golf and go to Florida, and they die earlier and deteriorate much quicker, lose their edge. I don’t understand why they’d want to do that. It’s good to do something worthwhile. There’s nothing wrong with playing golf or going to Italy. That’s worthwhile for a week or two, but for the rest of your life? I don’t see where you’re getting or giving much value out of that.