Impact
Construction of this building and remediation of site contamination issues was a key part of the City of Barre’s master downtown redevelopment plan. The Barre City Place project now brings in over 295 new people daily into the city’s downtown—invigorating downtown service and restaurant businesses. In fact, where several new retail businesses in neighboring properties have opened, once-vacant storefronts are now filling up quickly and new multimillion-dollar projects are on the horizon in downtown Barre. The ERV investment also facilitated beneficial terms to attract and retain a local restaurateur to its downtown space.
Gap and Investment
This $14.8 million downtown redevelopment project appraised at $11.1 million, leaving a significant gap for the developer to close. ERV, along with partner, Massachusetts Housing Investment Corporation, brought in New Markets Tax Credit equity to close the gap, carrying the project to fruition.