The funding is a major step toward financing the project, welcoming a new chapter of growth and opportunity to the Marble City
Vermont Business Magazine Today, Treasurer Pieciak announced that his office is investing $8 million from the 10% in VT program to support the development of the Rutland downtown hotel.
The new funding is a major step toward financing the project—transforming the Center Street block, strengthening local tourism, and sparking a new chapter of the Marble City’s revitalization.
The hotel will replace the long-vacant brownfield “pit” on the corner of Wales Street and Center Street with a seven-story, mixed-use building accommodating 100 guest rooms, 30 permanent jobs, and 26 new apartments—boosting downtown foot traffic and welcoming new customers for local businesses.
The added lodging space will also soften demand for short-term rentals, expanding local housing options for workers and families. Rutland’s downtown has been without a hotel since the Berwick Hotel, which previously occupied the space, burned down in 1973. The project is expected to add millions in new revenue to the local tax base over time.
“This investment marks a shared belief that Rutland's best days lie ahead,” said Treasurer Pieciak. “By inviting guests to explore, shop, and stay in the City’s historic downtown, the hotel will bring this vision to life—solidifying Rutland as an engine of opportunity for years to come.”
The 10% in VT program authorizes the Treasurer’s Office to invest 10% of the State’s average daily cash balance into projects that grow Vermont’s economy and the State’s revenues. The funding, issued through low-interest loans, offsets high borrowing costs that would otherwise make projects difficult, if not impossible, to finance.
In 2023, Treasurer Pieciak dramatically expanded the program’s lending capacity and invested over $100 million to help construct nearly 1,300 new homes—filling a spectrum of housing needs across the state.
$8 million was awarded through the program in 2024 to launch “Roofs Over Rutland,” a partnership including Treasurer Pieciak, Rutland Mayor Mike Doenges, and Heritage Family Credit Union that has built nearly 100 new units through a mix of new construction and revitalization of Rutland’s aging housing stock.
Earlier this month, Pieciak announced an additional $30 million in housing investments through the 10% in VT program. The funding will help over 450 homes break ground across a range of transformative projects in Vermont’s cities, downtowns, and rural communities. The Rutland downtown hotel is the latest project to earn funding as part of this new round of investments.
Mayor Doenges emphasized that the State’s investment builds on strong local backing for the project. Last year, 85% of Rutland City voters supported a $3.9 million TIF for major infrastructure upgrades needed to move the development forward.
“This project reflects what’s possible when a community shows up and says yes to its own future,” said Mayor Doenges. “Together, we’ve made it clear that we believe in our downtown and in the momentum we’re building together. The State’s partnership builds on that—creating lasting opportunity for our city.”
The local family-owned Belden Company will serve as the project developer. “The Belden Company is proud to bring decades of experience building here in Rutland to this project,” said Justin Belden, Vice-President, The Belden Company, Inc. “We want to thank Treasurer Pieciak for believing in Rutland's future and helping move this development one step closer to breaking ground.”
The press conference was held at The Paramount Theatre, located directly across from the development site. Eric Mallette, the theatre’s Executive Director, emphasized that the hotel will breathe new life into Rutland’s downtown, strengthening local businesses like The Paramount.
“40% of our audience already comes from outside of the country,” said Mallette. “A hotel directly across the street will grow our audience, give guests the opportunity to stay nearby, and turn a night at the Paramount into a full downtown experience. These investments are proof of a community moving forward with confidence, momentum, and optimism.”
Closing the press conference, Treasurer Pieciak emphasized that he will continue investing in projects like the downtown hotel that expand housing opportunities, revitalize communities, and generate a widespread public benefit.
“As Vermonters work harder than ever to make ends meet, we have to be thoughtful about where we invest our public dollars,” said Treasurer Pieciak. “Projects like the downtown hotel offer a strong return on investment because they meet many of our greatest needs: housing, job creation, and opportunity for businesses to grow and expand. Through the 10% in VT program, we'll keep investing in our future to ensure every Vermonter can afford to live, work, and retire with dignity.”
Additional housing investments awarded through the 10% in VT program will be announced in the coming weeks.
2.17.2026. Montpelier, VT – Office of the Vermont State Treasurer
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