A Hampton business owner and investor is looking to bring new housing to Route 1 in town, hoping to help revitalize the downtown with 80 to 100 new apartments or condos.

Tom Moulton, who owns Hampton-based Sleepnet Corp. and De Niro Construction, purchased the empty lot just north of the Old Salt Restaurant and Lamie’s Inn in November. He said he bought the land intent on building something that would benefit the community, rather than something like the storage units that already exist next door.

Previous owners have looked at ways to build housing on the site, but in 2015 the Zoning Board of Adjustment rejected a proposal for 130 condos there. Moulton said part of the problem with that proposal related to his abutting property. Moulton owns 11 to 12 acres of land in the vicinity, which means that would no longer be a concern.

He said he is preparing to go through the town’s permitting process, including stops at the planning board and zoning board. He expects he will need to acquire a variance from the ZBA to complete the project, and is hoping the town will cooperate.

Moulton said it is difficult to promise how affordable the units will be, as he said the project will be very costly. He estimated it could take “ballpark” $25 million to complete, partly due to rising material costs. — PORTSMOUTH HERALD