Impact
This project, as part of a major downtown revitalization planning effort, will revive a blighted area, remediate contamination issues, and stabilize the downtown. The relocation of 165 State of Vermont employees into the immediate downtown core invigorates and stabilizes downtown service and restaurant businesses. This project also facilitates the preservation and expansion of a nearby pharmaceutical manufacturing operation, who will purchase the old state building and expand by at least 100 new jobs.New multimillion-dollar projects are on the horizon in downtown St. Albans as a result of this project
Gap and Investment
The high costs to redevelop on a tight lot in downtown St. Albans led to the use of $9.38 million of Vermont Rural Ventures NMTC allocation to fill the development budget gap and provide low cost permanent financing.