Vermont Business Magazine Housing Vermont took ownership of the Depot Square property today. Housing Vermont will operate the property under new management as it makes plans for a substantial renovation and redevelopment of the building for affordable housing and commercial opportunities. The Depot Square apartment building, located in downtown St Johnsbury, is in need of substantial renovations. The redevelopment of the building will result in improved affordable housing options for St Johnsbury residents as well as commercial opportunities on the ground floor. Financing, design and permitting of the redevelopment plans are expected to take 12 to 24 months to assemble.
“We are thrilled to take ownership of the Depot Square Property,” said Nancy Owens, Housing Vermont President. “We look forward to partnering with local service agencies to support residents, as well as other public and private groups to invest in the property, support the downtown community and enhance the economic climate in the St. Johnsbury area. This property has enormous potential and we are excited to be moving forward.”
The select board provided a letter of support for the funds earmarked by the 2016 Legislative Session for use by Housing Vermont for the purchase of Depot Square Apartments. These funds, which are administered by the Vermont Housing and Conservation Board, were used for the acquisition of the building. Additional financing was provided by Community National Bank.
Housing Vermont will be partnering with Kingdom Development Corporation to develop the commercial space on the ground floor.
"We are pleased to partner with Housing Vermont for the redevelopment of the groundfloor commercial properties," said Brad Ashley, CEO for Kingdom Development Company. "KDC has had a long-standing goal to help return the Depot Square property to a prominent role in the communityas an attractive place for people to do businessin the heart of downtown St. Johnsbury."
Summit Properties, a South Burlington based management and development company which currently operates affordable senior apartments at the St. Johnsbury House, will manage the affordable rental apartments. Housing Vermont and Summit Properties will work closely with the building’s current residents to ensure a smooth transition. When it is time to redevelop the property the current residents will receive assistance and financial aid to find safe and affordable housing and have the opportunity to return to the new building upon completion.
Source: St. Johnsbury, Vt., - Housing Vermont 7.18.2018