RANDOLPH, Vt. – August 12, 2010 – (RealEstateRama) — Senator Patrick Leahy Thursday told representatives of the Randolph Area Community Development Corporation (RACDC), Randolph town and state elected officials, and RACDC development partners that he has secured $200,000 in federal funds to help with the development of workforce housing in downtown Randolph. The mixed-income, rental and home ownership development known as Salisbury Square will repurpose an abandoned former Randolph Ethan Allen plant site to provide new housing opportunities for Vermonters, supporting local employers and businesses, and contributing to downtown vitality.
“Salisbury Square will put people to work today and create affordable homes for working Vermonters tomorrow,” said Leahy. “The Salisbury Square development is especially exciting because it combines smart growth principles, downtown sustainability, energy efficiency, and a focus on both rental opportunities and homeownership opportunities for working Vermonters.”
Leahy said the grant funds will be used to help construct the roughly $3.6 million first phase of Salisbury Square — fourteen units of rental housing in three separate buildings and the restoration of the site’s historic features. RACDC officials said subsequent phases of Salisbury Square will include the construction of 22 homeownership units. Completion of the entire project will lead to an estimated investment of $7.9 million in redevelopment work in Randolph’s downtown.
“RACDC is very grateful to Senator Leahy for once again supporting Randolph and its work to preserve and strengthen our downtown area, which is the hub of our community and the entire region,” said RACDC Executive Director Julie Iffland. “Salisbury Square will provide quality, affordable and highly energy efficient homes and apartments within walking distance of downtown stores and services.”
RACDC is assisted in this effort by the expertise of development consultants at the Hartland Group. Charles Lief, Partner, said of their involvement: “The Hartland Group is proud to join RACDC in the redevelopment of this important, but under-utilized, site in downtown Randolph. Salisbury Square is a model of how public agencies, private developers, and nonprofit owners can come together to create much-needed permanently affordable housing, clean up a brownfield and provide 3 years of work for the construction industry.”
The first phase of the project may begin construction this fall and is expected to be completed by next summer.