Housing Vermont signed a purchase and sales agreement for the Depot Square property on June 1. Working in close partnership with the Kingdom Development Corporation, Housing Vermont will redevelop the building for affordable housing and commercial opportunities.
The Depot Square apartment building is located at the heart of St. Johnsbury’s downtown. The building is in need of substantial renovations and the ground floor commercial space has been vacant for several years. Investment in the building will result in improved affordable housing options for St. Johnsbury residents as well as commercial opportunities on the ground floor.
Housing Vermont will take ownership of the building by July 30, 2018 and then operate it as is for 12 to 24 months. The redevelopment of the building is then expected to take two years. During the renovation, HV will work closely with the building’s current occupants to ensure that they have safe and affordable housing.
Summit Property Management, which currently operates the St. Johnsbury House, will manage the affordable rental apartments. HV and Summit will hold an informational meeting with the residents at a time to be announced.
“These new investments in the Depot Square property will greatly benefit St. Johnsbury’s downtown and the community as a whole,” said Nancy Owens, Housing Vermont President. “Housing Vermont has a proud history of partnering with local non-profit organizations as well as the private sector to create housing and economic development opportunities. The Depot Square property has immense potential to enhance the downtown community and bolster the economic climate in the St. Johnsbury area.”
Housing Vermont has partnered with local organizations and private sector companies throughout the state to successfully redevelop downtown buildings. In the case of the Depot Square property, Housing Vermont will partner with Rural Edge to redevelop the property to offer permanently affordable rental housing. Additionally, Housing Vermont will be partnering with Kingdom Development Corporation to offer attractive commercial opportunities on the ground floor.
“We are excited to redevelop the ground floor of the Depot Square building and say goodbye to the boarded up windows in our downtown,” said Brad Ashley, President of Kingdom Development Corporation. “The Depot Square property is a beautiful building and will be an attractive place for people to do business in the heart of downtown St. Johnsbury.”