Bob Stevens, Drew Richards, Ben Taggard, Peter Richards, and Craig Miskovich announced Tuesday that they have completed the closing process and are set to move forward with the next phase of the Brooks House redevelopment. Construction on the landmark building in downtown Brattleboro will begin before the end of July and should take approximately one year.
‘It was a long, difficult process to put together the financing for this project and here we are, nearly a year and a half later, and we’re finally ready for construction,’said Miskovich. To finance the $24 million project, the investment group put together a complex package that includes common equity, senior and subordinated debt, private loans, preferred equity, a Community Development Block Grant, a town loan, and Historic and New Market tax credits, in addition to State funding for fit up for the colleges.
Inside the building, a large ground-floor atrium will serve as the main entrance from Main Street and Harmony Lot, and will open inside onto the retail businesses in the building. ‘Our design preserves many of the historic features that define the building, and restores some others, like the original storefront layout,’said Bob Stevens. Stevens & Associates is providing architecture and engineering services for the project and Breadloaf Construction of Middlebury, Vermont, will serve as the construction manager.
‘We’re excited to see the Brooks House begin to add to the vitality of downtown Brattleboro. With tenants like The Community College of Vermont, Vermont Technical College, Duo restaurant, and Oak Meadow School, we have a lot to look forward to as a community. Our intent is to rebuild the Brooks House so that it brings much more activity downtown than it did before the fire,’commented Ben Taggard. The building has space for retail, restaurants, and offices, as well as one- and two-bedroom apartments.
‘To date, the response from prospective tenants has been remarkable and we’ve received commitments to occupy more than 70% of the building. It was a challenge to get commitments for a shell of a building that we didn’t own, but people are excited about the potential. We are committed to finding a mix of tenants that makes for a stronger downtown,’said Drew Richards.
‘The Brooks House redevelopment effort has benefited from a great deal of support both within and beyond our community, starting with Governor Shumlin’s vision for a downtown campus for the Colleges,’commented Pete Richards.
For more information on the Brooks House go to www.brookshouse.com
Construction phase of Brooks House redevelopment set to begin
Submitted by tim
on