Winooski selects partnership with Nedde Real Estate for Lot 7D Project

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Winooski selects partnership with Nedde Real Estate for Lot 7D Project

Thu, 11/07/2019 - 9:00am -- katie

Vermont Business Magazine Lot 7DThe Winooski City Council voted affirmatively to enter a negotiation phase with Nedde Real Estate (Nedde), a developer who met the response requirements for the City’s Lot 7D Request for Proposals issued in July 2019. The negotiation phase would explore the terms of a public-private partnership to create a 100-room boutique hotel, a municipal parking structure for more than 300 cars, and a new 36,000sf office for VEIC, a nonprofit sustainable energy company.

The negotiation period will take place over the next two months and may result in a development agreement. Doug Nedde, Principal of Nedde, will partner with Lodging Capital Partners (LCP), a national real estate firm focused on hospitality, and Bill Niquette of Realty Advisors Vermont, who has extensive real estate experience in Downtown Winooski.

The partners propose to transform a surface gravel parking lot into a new +/- 100 room boutique hotel, and has entered into a Memorandum of Understanding to develop a 36,000 square foot net-zero headquarters for VEIC. Much needed additional municipal parking will be integrated into the site. The team proposes to complete design and permitting in 2020 and would be looking to enter construction within the next two years. The project would be completed in phases, prioritizing the municipal parking garage then moving onto the hotel and office components.

“We were fortunate to receive several quality proposals for the site. The experience the Nedde team brought to the table, and the combination of public infrastructure, a new anchor employer offering quality jobs, and a hotel met and exceeded the community’s vision for the parcel.   We are excited to begin our negotiations toward a special project for our vibrant downtown.”

– Jessie Baker, Winooski City Manager

“I have been investing in Winooski for more than twenty years, and I believe in its future. Our team is honored to be selected and we look forward to working with the City to create a great project that will support Downtown Winooski.”

– Doug Nedde, Principal, Nedde Real Estate

“We are excited to be part of a great development team, and a project that will add a much-needed amenity to the downtown to continue the City’s impressive trend of revitalization.”

- Ian Davis, Principal of Lodging Capital Partners

“We are excited by the prospect of relocating our headquarters to Winooski, supporting sustainable growth of this vibrant community. As an organization we seek to offer our staff an efficient and accessible office. The Nedde team has put together a design that aligns well with our vision and we would be proud to be part of and support the City of Winooski.”

- Jim Madej, CEO of VEIC

Lot 7D is located east of Abenaki Way and south of the Community College of Vermont, bordering the Casavant Park Natural Area that was created as part of the City’s Winooski Falls Riverfront Downtown Project in 2004. Since that time, the City of Winooski has successfully attracted more than $100 million in private development to its downtown through its innovative downtown master plan. The development has taken place on approximately 20 acres of land at the heart of the City covering six square blocks that were cleared in the early 1970s as part of HUD’s Urban Renewal program. More than 100 acres of open space was acquired and preserved along the river, along with thousands of feet of riverfront that are now part of the Winooski Riverwalk system. An Environmental Site Assessment and Corrective Action Plan for this project was made possible through an $11,000 Brownfields Program grant provided by the U.S. Environmental Protection Agency and the Chittenden County Regional Planning Commission.

 

About City of Winooski

“Vermont’s Opportunity City”. Learn more about Winooski’s Strategic Vision, Master Plan, and Legacy Campaign at winooskivt.gov.

About Nedde Real Estate

Nedde Real Estate is a Burlington based full-service real estate firm specializing in acquisitions, development and brokerage of Vermont commercial real estate. To learn more about Nedde Real Estate, visit nedderealestate.com.

About Lodging Capital Partners

Lodging Capital Partners formed in 2005 as a premier owner and asset manager. Since formation, LCP has invested in a portfolio with a valuation of over $1.5 billion and maintained a consistent track record of strong performance and realizations. To learn more about LCP, visit lodgingcapital.com.

 About Realty Advisors Vermont

Realty Advisors Vermont, located in Williston Village, is a boutique real estate brokerage and development advisory firm advising private and public development clients with over 25 years of experience specializing in public-private partnerships.

 About VEIC

VEIC is a sustainable energy company with a mission to enhance the economic, environmental, and societal benefits of clean and efficient energy use for all people. VEIC has over 32 years of experience transforming energy systems, specializing in energy efficiency, clean transportation, and renewable energy. To learn more about VEIC, visit veic.org