Almost three years from the day that Tropical Storm Irene devastated Waterbury and other Vermont communities, Senator Patrick Leahy (D-Vermont) led a groundbreaking celebration to mark the start of construction of South Main Apartments, a 27 mixed-income apartments on the campus of the former State Office Complex.
"Today we’re excited and appreciative to mark the start of construction of South Main Apartments,” said Eileen Peltier, Executive Director of the Central Vermont Community Land Trust. “Thanks to a caring community, supportive State government and leadership by Senator Patrick Leahy and the other members of our Congressional delegation, we are transforming Ladd Hall into 27 attractive, energy efficient homes.”
senator Leahy offers remarks in front of Ladd Hall in Waterbury. Courtesy of Housing Vermont.
The State Office Complex was severely damaged in August 2011 by flooding during Tropical Storm Irene. Ladd Hall was outside the floodplain but suffered damage when water entered the building through an underground utility connection. The redevelopment of the site will convert the building originally constructed in the 1890s into three apartments and common space. A wing added to the building in the 1950s has already been demolished and will be replaced by a three-story, 23,000 square foot addition. When completed next spring, South Main Apartments will provide 12 one-bedroom, 13 two-bedroom and 2 three-bedroom apartments.
Funding sources for the $6.7 million redevelopment of Ladd Hall include $1 million through HUD’s Community Development Block Grant Disaster Relief program and $475,500 in other HUD funds.
“The federal government has been a partner in Vermont’s recovery and in the resilient renewal that will help ensure that we rebuild better than Irene found Vermont,” said Senator Leahy, the most senior member of the Senate Appropriations Committee. “Thanks to the perseverance and vision of everyone here today, the redevelopment of Ladd Hall will help meet that challenge.”
CVCLT and Housing Vermont partnered to redevelop Ladd Hall and will continue to direct the operation of South Main Apartments once it is occupied.
“This was a complicated venture from the outset,” said Kathy Beyer,Vice President of Development for Housing Vermont. “State government from the Governor on down was instrumental in helping us get to the construction phase,” Beyer said. She thanked the Agency of Commerce and Community Development, Department of Building and General Services, Vermont Housing and Conservation Board and the Vermont Housing Finance Agency for their support.
“Three years ago, Tropical Storm Irene left a trail of destruction through Waterbury,” said Jen Hollar, Deputy Commissioner of Housing and Community Development. “The community mounted an extraordinary recovery effort and the State is proud to be its partner—from rebuilding the State Office Complex and municipal offices to repairing its pump station and re-envisioning its downtown. Most important is Waterbury’s work to ensure its residents have access to safe, decent housing they can afford. Soon, thanks to Housing Vermont and CVCLT, this historic property on Main Street will come back to life as 27 new affordable apartments and help replace homes lost to the flood.”
Permanent funding sources in addition to HUD include private capital in the form of federal housing credit equity of nearly $3.7 million from Housing Vermont’s Green Mountain Housing Equity Fund, Vermont Housing and Conservation Board loan of $625,000, NBT Bank loan of $210,000, proceeds from the sale of state tax credits, and financing from the revolving loan funds of the Village and Town of Waterbury.
Gossens Bachman Architects is the project architect and E.F. Wall is the general contractor. NBT Bank is providing construction financing. “The energy unleashed during Tropical Storm Irene devastated Waterbury and other parts of Vermont,” said Peltier. “But we are here today thanks to the outpouring of energy from this community and its supporters. We truly look forward to gathering again next spring to welcome the new residents to South Main Apartments.”
Housing Vermont is a private, nonprofit development company founded in 1988 to produce permanently affordable rental housing for Vermonters through partnerships with communities and the private sector. Since its inception, Housing Vermont has raised more than $280 million in private equity to finance 161 affordable rental housing developments throughout the State. This equity has leveraged an additional $377 million in private financing and public investment. The 4,825 apartments created or renovated in these efforts serve low and moderate income Vermonters including seniors and those with special needs. Many developments also include commercial space.www.housingvermont.org
Map courtesy State of Vermont shows reconstruction plans for Waterbury state office complex. VERY TOP PHOTO shows Ladd Hall at the South Entrace of office park. VBM file photo.