The City of Barre’s redevelopment plan will get a substantial boost thanks to a $10 million financing commitment from HV’s Vermont Rural Ventures to construct Barre City Place, a new 4-story steel frame building on Main Street. The 80,717 square feet of commercial office space will house State offices and other tenants.
Located at 219 North Main Street, City Place will feature a brick and granite façade designed to complement the adjacent historic structures. The State of Vermont will rent nearly three floors; other tenants for the remaining space include the Central Vermont Medical Center and the RehabGym.
“The development of City Place is an outstanding example of Housing Vermont’s goal in offering a NMTC program,” HV President Nancy Owens said. “We are providing ‘but for’ financing which creates immediate and long term jobs while helping to revitalize the commercial heart of a community.”
This Barre City Place project follows a large scale City-sponsored community redevelopment effort along downtown Main Street. The City recently completed a major infrastructure upgrade which completely reconstructed the street bed, water and sewer mains, and other Main Street improvements. A master plan was also approved by the City which focuses on creating a smart growth walkable downtown area. Barre City Place, new housing, a new pocket park, pedestrian improvements, a bike path and parking improvements are all part of the plan for the downtown.
Vermont Rural Ventures, HV’s New Markets Tax Credits (NMTC) affiliate, is joining with the Massachusetts Housing Investment Corporation to provide a total of $15 million in below market financing through the use of federal New Markets Tax Credits. The two nonprofits previously joined forces to finance expansions of the Commonwealth Dairy in Brattleboro and Weidmann Electrical Technology in St. Johnsbury.
The City selected DEW Construction as the developer through an RFP process. Barre City Place also marks the third time that US Bank has invested in a Vermont Rural Ventures project. The Mascoma Savings Bank and VEDA are participating as leveraged lenders.
Banwell Architects is the architect and DEW Construction is the general contractor for City Place. Construction will begin this month and is expected to be completed by January 2014.