Projects In Development
RuralEdge is constantly seeking ways to expand our portfolio and rehabilitate the existing portfolio to create housing that is both quality and perpetually affordable. Here are some of our projects currently underway:
New Avenue is a 48 unit multi-family apartment complex located in St. Johnsbury, Vermont. The existing building will be gutted and redeveloped to accommodate 40 units of housing on the upper three floors of the building, separate from the Commercial Redevelopment on the ground floor. This project will include over one million dollars in asbestos and lead abatement work and two million dollars in Historical Preservation funding. Major structural work includes a new elevator and reconstruction of both stair towers. The project will also include funding from Preservation Trust of Vermont, Efficiency Vermont, nine percent tax credits through Vermont Housing Finance Agency Federal Home Loan Bank Affordable Housing Program money, and Vermont Community Fund. Housing Vermont (now Evernorth) purchased the Depot Square apartment building and will partner with RuralEdge for the remainder of the project. RuralEdge will serve as the local general partner during the construction and the managing general partner after construction completion. The property management will continue to be provided by Summit Property Management.
Construction is ongoing and is expected to be completed by September, 2021.
Lind Homes is a rehabilitation project consisting of seven single-family homes on a shared water system in South Ryegate, VermontT. This project provides a homeownership experience with the support of subsidized rental housing. In October 2018, the Vermont State Housing Authority (VSHA) awarded the property seven project-based vouchers to make this property truly affordable to the residents of South Ryegate. Construction is underway, and is expected to be complete by the end of 2021.
The Pierce Block, located in the heart of downtown Barton, Vermont, is in its second phase on construction that will revitalize the property, the town, and RuralEdge. In the summer of 2020, the exterior of the building was painted, which brought new life, not just to the building, but to the town of Barton. This current phase involves completing structural repairs to the building in the basement and repairing the exterior stairs from the main floor to the ground level on the north side of the building. In addition to serving Kinney Drugs, and offering additional commercial space, RuralEdge plans to establish an office in the Pierce Block, as it is a prime location in terms of space and accessibility to many of our other properties.
Construction began at the end of 2020 and is expected to be completed by the summer of 2021.
Click HERE to learn about the Pierce Block grant awarded by the Preservation Trust of Vermont!
Lakeview Housing is a development consisting of three buildings totaling 16 units located on Field Avenue, Highland Avenue, and Governor Prouty Drive in Newport, Vermont. Lakeview is a USDA Rural Development property and is in need of capital repairs and other standard improvements, as it has been in our portfolio for some time. This project, currently in its design phase, will improve the properties to ensure their long-term sustainability.
The project is currently in its design development phase. Sign up for our newsletter to receive monthly updates on this and other projects!
West Burke Housing
West Burke Housing is a 15 unit rental housing development, nine of the units are senior housing and six are multi-family units. RuralEdge is currently securing funding for the property, with plans for a larger development that would include the construction of eight additional units of multi-family housing.
Much of the funding for this project has been secured. Design development work will continue, and we anticipate beginning construction sometime in the summer of 2021.