Ioka theater makeover: New condos, ranging from $889K to $1.25M, hit the market in Exeter

EXETER — The recent installation of new “IOKA” lettering on the iconic downtown landmark marked a significant milestone in the project to transform the century-old Ioka theater building into a mixed-use development with retail space and condos.

Joe Stagnone, communications manager for the project, said construction is “about 90 to 95% done.” He said workers are completing the finishing touches to both the exterior and interior of the 55 Water St. building and expect to be fully completed within the next few months.

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

Florence Ruffner of Ruffner Real Estate said there has been "a lot of interest" in the condos, noting Exeter "is a very desirable place to live."

What sets these units apart from others? Ruffner said it's the combination of location, quality of construction and its uniqueness, all of which justifies the price tag.

"To live in downtown Exeter is a privilege," she said. "There's nothing quite like it in town."

Developers David Cowie and Jay Caswell acquired the former theater for $450,000 in 2020 with the vision to transform the space.

The new Ioka, when completed, will have a speakeasy-style restaurant in the basement, three retail spaces on the ground level, and eight condo units on the second and third floors.

Stagnone said construction experienced a slow start in 2021 due to the building’s location in the Historic District, which imposed numerous rules and regulations, including a 64-by-87-inch doorway as the sole entrance.

Cowie had previously likened the project to “building a ship inside a bottle.”

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IOKA lettering returns to historic building

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

“An individual said to me the other day, ‘We visited so often, and we haven’t seen any big changes (to the exterior) over the years,’” he said. “That’s exactly what’s supposed to happen… That's actually a compliment that they don’t even recognize the five new windows because it’s such a seamless job.”

The main change to the front of the building was the installation of windows and the removal of the famed theater marquee , which is now on display at the American Sign Museum in Cincinnati, Ohio.

In addition to the new IOKA lettering, three metal hanger rods have been installed on the front of the building for canopies. The “Meyer Building” sandstone marker, originally located in the middle of the building, was also moved up to make space for new condo windows.

“The building, what it is now is night and day,” added Stagnone. “But yet it has retained all of its character.”

Ioka theater transformed into retail, condos

While the facade of the 115-year-old building, for the most part, remains unchanged, Stagnone said the same could not be said for its interior.

The space inside the building has been gutted and transformed, highlighting contemporary designs such as floor-to-ceiling windows for natural lighting while retaining the original brick walls to keep the raw and rustic ambiance.

On the second and third floor, Stagnone said workers are slowly completing the finishing touches on the eight condos, leaving room for new owners of the units to customize them to their liking. Based on the showroom, each of the two-bedroom and two-bathroom units features amenities such as a kitchen island counter and a walk-in closet. Four units on the rear end 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. The lease for the space, also listed by Ruffner Real Estate is $11,500 per month.

“We’re working from the top to bottom,” he explained. "That’s going to be the most-customized space in the building. ... We want to make sure it’s built exactly to whatever the client chooses for their specification.”

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Ex-Travel & Nature building also gets a facelift

Cowie, co-owner of the Ioka, also owns the building next door at 45 Water St., which formerly housed the Travel and Nature store. The two-story, 3,500-square-foot building is also being converted into a mixed-use space with two residential units on top and a retail space on the street level.

Stagnone said Cowie purchased 45 Water St. because it’s an “essential” part of the Ioka’s renovation into a mixed-use building. The alleyway will be the main entrance to both the public patio/deck in the back of the 45 Water St. building as well as the speakeasy-style restaurant in the basement of the Ioka.

Stagnone said the project is also nearing completion.

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

Stagnone anticipates that both residential units upstairs will be placed on the market soon.

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This article originally appeared on Portsmouth Herald: Ioka theater makeover: New condos, ranging from $889K to $1.25M, hit the market in Exeter