REAL ESTATE FINANCING
- Project Sponsor: DEW Properties, LLC
- Investment: $10.25 million
- Location: Barre
- New construction, downtown office building
Vermont Rural Ventures and the Massachusetts Housing Investment Corporation provided New Markets Tax Credit financing for the redevelopment of a vacant and contaminated site into 80,700 square-feet of office and commercial space in downtown Barre.
The RehabGym and Positive Pie Restaurant occupy the first floor, the State of Vermont’s Department of Education and its nearly 200 employees occupy the building’s top floors. And, 50 employees of the Vermont Agency of Human Services share the second and third floors with 45 administrative employees of the Central Vermont Medical Center.
Gap and Investment
This $14.8 million downtown redevelopment project appraised at $11.1 million, leaving a significant gap for the developer to close. VRV, along with partner Massachusetts Housing Investment Corporation brought in New Markets Tax Credit equity to close the gap, carrying the project to fruition.
Construction of this building and remediation of site contamination issues was a key part of the City of Barre’s master downtown redevelopment plan.
The Barre City Place project now brings in over 295 new people daily into the city’s downtown — invigorating downtown service and restaurant businesses – where several new retail businesses in neighboring properties have opened, once-vacant storefronts are filling up quickly and new multimillion-dollar projects are on the horizon in downtown Barre.
The VRV investment also facilitated beneficial terms to attract and retain a local restaurateur to its downtown space.
Vermont Rural Ventures: Beth Boutin and Glenn Von Bernewitz
Developer: DEW Properties, LLC
Legal: Nolan Sheehan and Patten LLP; Gravel & Shea PC; Edwards Wildman Palmer LLP; Nixon Peabody LLP; Husch Blackwell LLP
Accounting: CohnReznick LLP
Architect: Banwell Architects
Contractor: DEW Construction Corporation
Massachusetts Housing Investment Corporation
US Bancorp Community Development Corporation
Mascoma Savings Bank
Vermont Economic Development Authority