St. Alban Office Building

NMTC Project


REAL ESTATE FINANCING

  • Project Sponsor: ReArch Company, LLC
  • Investment: $9.38 million
  • Location: St. Albans
  • New construction, downtown office building

Vermont Rural Ventures partnered with US Bancorp Community Development Corporation, to provide a total of $12.3 million of NMTC authority to construct a four-story office building in downtown St. Albans. The redeveloped site is a fully fit-up, Class A office space, leased to the State of Vermont’s Agency of Human Services and Department of Labor.

Gap and Investment

The high costs to redevelop on a tight lot in downtown St. Albans led to the use of $9.38 million of Vermont Rural Ventures NMTC allocation to fill the development budget gap and provide low cost permanent financing.

Impact

This project, as part of a major downtown revitalization planning effort, will revive a blighted area, remediate contamination issues, and stabilize the downtown.

The relocation of 165 State of Vermont employees into the immediate downtown core invigorates and stabilizes downtown service and restaurant businesses. This project also facilitates the preservation and expansion of a nearby pharmaceutical manufacturing operation, who will purchase the old state building and expand by at least 100 new jobs.

New multimillion-dollar projects are on the horizon in downtown St. Albans as a result of this project.


Project Team

Vermont Rural Ventures: Beth Boutin, Nancy Owens, and Glenn Von Bernewitz

Developer: ReArch Company, LLC

Legal: Leverage Law Group, LLC, Nolan Sheehan Patten LLP, Nixon Peabody LLP, Paul Frank + Collins P.C., Downs Rachlin Martin PLLC

Accounting: CohnReznick LLP

Architect: Vermont Integrated Architecture

Contractor: ReArch Company, LLC

Partners

US Bancorp Community Development Corporation

NBT Bank

Vermont Economic Development Authority

PDF Version

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