Building will be repurposed into a more modern VT headquarters for People’s United, and energy-efficient, affordable, market-rate housing
Vermont Business Magazine People's United Bank, NA, a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), today announced the pending sale of its Two Burlington Square location in Burlington to Nedde Real Estate. Built in 1970, the 95,000 square-foot building is located at the corner of Bank and Pine Street and contains five floors of office space. People’s United Bank will continue to maintain its Vermont headquarters at the location, as well as drive-up banking services, a full-service branch and three floors of offices. Financial terms were not disclosed. This formerly was the headquarters of Chittenden Bank, which was acquired by People's in 2007.
Nedde Real Estate said it will lead an extensive renovation of the property to ensure it is environmentally-efficient and optimized to meet the current and future needs of Burlington and its residents, as well as contribute to the advancement of the local economy.
Nedde Real Estate’s proposed vision would repurpose a portion of the building into approximately 45 affordable and market-rate apartments to bring much needed housing to the downtown core. Pending completion of design and permitting, the renovation project is expected to break ground during the spring of 2020.
“People’s United Bank is one of the largest private employers in Vermont and in the City of Burlington, having called the Two Burlington Square location home for more than 50 years. As a community-centric bank, it was critical that the sale allowed us to maintain our Vermont headquarters in this prime Burlington location, continue to serve our customers, and find a locally-based partner to renovate the building in a way that will create a positive impact for City residents,” said Michael Seaver, Vermont President, People’s United Bank. “Doug Nedde’s proposed plans to develop new energy-efficient housing downtown will revitalize our property and ensure that we and the residents have a modern place to work and live for years to come.”
Doug Nedde added, “Our vision for this property provides an opportunity to retain a major employer in Burlington’s downtown core, create much needed housing for the City and repurpose and renew a prominent building for many decades to come. This is an exciting project for downtown Burlington and I feel honored to have this opportunity to redevelop this property with the team at People’s United Bank, and to have them occupy part of the building for at least the next 15 years.“
Google Maps view of Two Burlington Square.
About People’s United Bank
People's United Bank, NA is a subsidiary of People's United Financial, Inc, a diversified, community-focused financial services company headquartered in the Northeast with more than $51 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.
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. Grounded in over 28 years of dedicated experience in these fields, Nedde Real Estate was founded by Doug Nedde. Throughout his career, Nedde has acquired and developed over two-million square feet of commercial and residential properties.
Source: BURLINGTON, VT - People's United Bank, NA 8.26.2019